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With the approval of MiCa by the European Union, crypto regulations in Europe are becoming clearer, and more and more crypto companies are rolling up their sleeves to expand their operations in European countries. Following Coinbase, the cryptocurrency exchange Kraken has also obtained regulatory approval in Spain. Kraken has registered as a virtual asset service provider with the Bank of Spain. As a result, Kraken will now start offering cryptocurrency trading and custody services to its customers in Spain.
Another Cryptocurrency Exchange Obtains Regulatory Approval in Spain
Due to the actions taken by the U.S. Securities and Exchange Commission (SEC) in recent times, crypto companies have come face to face with regulators in the United States. Cryptocurrency exchanges such as Binance and Coinbase, among others, have come under the radar of regulators during this process.
With the increasing tension between U.S. regulators and crypto companies, many crypto companies have decided to expand their operations outside of the United States. Ripple and Galaxy Digital have started taking concrete steps since last week to expand their operations in European countries.
Coinbase, the largest cryptocurrency exchange based in the United States in terms of trading volume, obtained regulatory approval in Spain last week. Coinbase registered with the Bank of Spain as a cryptocurrency exchange and custody wallet provider. In its announcement of registering with the Bank of Spain, Coinbase highlighted the recently approved MiCa by the European Union and emphasized the importance of a comprehensive regulatory framework for the crypto industry.
Following Coinbase, another cryptocurrency exchange has obtained regulatory approval in Spain. Kraken also announced that it has registered with the Bank of Spain.
Kraken Registers with the Bank of Spain
Following Coinbase, the cryptocurrency exchange Kraken has also obtained regulatory approval in Spain. Kraken announced that it has registered with the Bank of Spain as a virtual asset service provider. This move allows Kraken to start offering cryptocurrency trading and custody services to its customers in Spain.
In addition, Kraken’s subsidiary in Ireland has also obtained an e-money institution (EMI) license from the Central Bank of Ireland. Curtis Ting, Vice President of Global Operations at Kraken, made various statements regarding this matter.
Curtis Ting, Vice President of Global Operations at Kraken, expressed their appreciation for the constructive approach taken by the Central Bank of Ireland and the Bank of Spain in regulating sector growth. He also stated that they are excited to be part of vibrant local fintech sectors in both Ireland and Spain, and they are eager to expand their investments in Europe.
