Cryptocurrency exchange Kraken has achieved a notable milestone in its European expansion strategy with the recent acquisition of a VASP registration from the Dutch Central Bank (DNB).
This registration grants Kraken the ability to operate within the Dutch market and offer its services to clients in the region.
Demonstrating a commitment to regulatory compliance, Kraken has also successfully obtained similar registrations in Spain, Italy, and Ireland, reflecting its dedication to meeting regulatory standards across Europe.
Brian Gahan, managing director Europe at Kraken, outlined the strategic significance of the Dutch market, citing its dynamic startup ecosystem, robust financial services sector, and significant cryptocurrency adoption rates.
“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate,” said Gahan. “We see a lot of opportunity to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe. Whether for existing crypto investors or people looking to buy crypto for the first time, Kraken is a top choice with a very competitive offering that continues to expand.”
The company’s acquisition of Dutch crypto broker BCM, announced in October 2023, further underscores its commitment to expanding its presence in the Netherlands.
In anticipation of the forthcoming EU regulatory framework for crypto-assets, Kraken has increased its investment in the region’s crypto industry. This investment aligns with broader trends in the European crypto landscape, characterised by rising costs and heightened competition.
Looking ahead, Kraken aims to leverage its financial and operational resources to solidify its market position.
As virtual assets continue to surge in global prominence, the regulatory landscape governing them becomes increasingly crucial. The jurisdiction in which VASPs choose to operate can significantly impact their prospects – either nurturing innovation or stifling growth. Learn more in our Where to Relocate series.
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