Kraken obtains Dutch VASP registration
Kraken has taken an important step in its European expansion and commitment to regulatory compliance by securing VASP registration from the Netherlands Central Bank. This strategic move strengthens Kraken’s offering in the Netherlands and positions it for further growth in Europe.
Kraken has marked an important milestone in its European growth strategy by securing registration as a Virtual Asset Service Provider (VASP) from the Netherlands National Bank (DNB). This achievement not only signifies Kraken’s commitment to regulatory compliance, but also highlights its strategic intent to expand its services in the European market, particularly in the Netherlands.
Strategic importance of the Dutch market
The Netherlands is known for its vibrant startup and tech sector and has one of the highest cryptocurrency adoption rates in Europe. About 20% of Dutch citizens own cryptocurrency. This makes the country a strategically important market for Kraken’s European expansion plans. The exchange’s recent acquisition of Coin Meester BV (BCM), a Netherlands-based cryptocurrency exchange pending regulatory approval, further demonstrates Kraken’s intention to strengthen its market presence in the country.
Scaling and Compliance
Kraken’s Dutch VASP registration allows it to offer a comprehensive suite of services related to virtual assets, including exchange, transfer, custody and wallet services. The expansion is part of Kraken’s broader strategy to build a strong presence across Europe, having already secured VASP licenses in Spain, Italy and Ireland and operating in Belgium through a licensing subsidiary.
VASP registration is consistent with the EU’s impending Markets for Cryptocurrency Assets (MiCA) regulatory framework and demonstrates Kraken’s proactive approach to compliance and commitment to providing secure and regulated cryptocurrency services. These regulatory milestones contrast with Kraken’s legal troubles in the United States, where it faced charges from the SEC for commingling customer funds and operating without proper registration.
future prospects
Kraken’s securing VASP registration from DNB is not only a testament to its regulatory compliance, but also an important step towards its goal of becoming a leading player in the European cryptocurrency market. With this registration, Kraken aims to introduce its products to both retail and professional traders in the Netherlands and across Europe, further accelerating its European growth strategy and strengthening its position in an evolving regulatory environment.
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