In short
- The license enables Kraken to work over the EU under mica.
- It follows Coinbase’s own approval in Luxembourg last week.
- Mica came into force at the end of last year and set up clearer rules for the industry throughout the region.
Kraken has obtained a regulatory license among the markets of the European Union in Crypto Assets (MICA) Framework, the company announced Wednesday. The authorization, granted by the Central Bank of Ireland, enables Kraken to offer crypto services in 27 EU member states, as well as three Honor -Lidstaten.
“Secure a license to the Central Bank of Ireland … [is] A powerful signal of the dedication of Kraken to expand the crypto ecosystem through responsible innovation, “said Arjun Sethi, Co-CEO of Kraken, in a statement.
“The first major global crypto platform are that receives authorization from the CBI, confirms the dedication of Kraken to build for the long term,” he added. “This license reflects that effort and places us in a strong position to expand our product range, grow our institutional and retail customer stock and provide safe, accessible and fully regulated crypto services to millions of more people in the EU.”
The euro is currently accounting for 17.5% of the global crypto -trading volume of Fiat Spot, more than double compared to a year earlier, according to the stock exchange.
An eye on Europe
The approval only comes a week after rival Exchange Coinbase announced It had received a similar license in Luxembourg. Both movements emphasize how large crypto platforms race to adapt to Mica prior to the phased implementation.
Mica, which has been fully maintained since the end of last year, introduced a uniform regime for providers of crypto assets in the EU.
In recent weeks, however, the assets of companies that are in one member in a Member State that can offer their services in the entire block has received criticism.
Some participants in industry and regulators warn that it can encourage companies to request approval in legal areas with lighter regulations and then extend the activities more broadly, a matter that is also seen in other industries.
Peter Curk, CEO of the British Iconomi, Previously warned That this can lead to a “race to the soil” in regulatory enforcement standards.
The authority of the European Securities and Markets currently assesses the license practices of Malta and is expected to release a report on its findings.
Kraken already has registrations of virtual assets service provider in Ireland, Belgium, France, Italy, the Netherlands, Poland and Spain.
Edited by Sebastian Sinclair
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