Thursday, May 23, 2024

Dutch Central Bank Grants VASP Registration to Kraken

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Kraken Obtains VASP Registration From Dutch Central Bank

In a significant move for its European operations, Kraken has secured a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank. This pivotal achievement propels Kraken’s standing in the digital assets space, enabling it to expand its services within the Netherlands and beyond.

The acquisition of this VASP license marks the fourth of its kind for Kraken in Europe, showcasing the crypto exchange’s commitment to broadening its reach and complying with regional regulatory standards. With this license in hand, Kraken is now poised to offer a comprehensive suite of services to its Dutch customers, including virtual asset exchange, transfer services, and custody and wallet solutions.

The VASP license operates within the regulatory framework designed to oversee entities engaged in digital asset services in Europe. Under the Regulation on Markets in Crypto-Assets, firms operating within the EU that offer digital asset services are required to comply with a range of obligations. These include, but are not limited to, the implementation of measures to prevent money laundering and terrorist financing, as well as ensuring transparency and the safeguarding of client information.

Kraken’s attainment of the Dutch VASP license complements its existing European licenses, with registrations already secured in Italy, Ireland, and Spain. Furthermore, the exchange extends its crypto services to Belgium through Payward Europe Solutions Limited, a subsidiary of Kraken.

The Netherlands presents a fertile ground for cryptocurrency adoption, with approximately 20% of Dutch citizens reported to own crypto. Kraken emphasizes the Netherlands’ robust startup and technology sector, solid financial services industry, and the highest fintech adoption rate among developed economies as key motivators behind its pursuit of the Dutch VASP license.

Brian Gahan, Managing Director of Europe for Kraken, highlighted the importance of the Dutch market in the company’s European expansion strategy. “With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate,” Gahan explained. He further noted the opportunity to introduce Kraken’s offerings to retail clients and professional traders in the Netherlands and throughout Europe.

In a strategic move to further solidify its presence in the Dutch market, Kraken announced in October 2023 its intentions to acquire Coin Meester B.V., a local crypto exchange based in the Netherlands. This acquisition is anticipated to be finalized following regulatory approval, further expanding Kraken’s footprint in the European digital asset ecosystem.

This latest development underscores Kraken’s dedication to ensuring compliance with regional regulatory standards while pursuing growth and expansion in the dynamic European market. As the company continues to obtain necessary registrations and licenses, it strengthens its ability to offer secure and regulated services to its growing customer base across the continent.

Alex Sterling
Alex Sterlinghttps://www.businessorbital.com/
Alex Sterling is a seasoned journalist with over a decade of experience covering the dynamic world of business and finance. With a keen eye for detail and a passion for uncovering the stories behind the headlines, Alex has become a respected voice in the industry. Before joining our business blog, Alex reported for major financial news outlets, where they developed a reputation for insightful analysis and compelling storytelling. Alex's work is driven by a commitment to provide readers with the information they need to make informed decisions. Whether it's breaking down complex economic trends or highlighting emerging business opportunities, Alex's writing is accessible, informative, and always engaging.

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