Kraken acquired a Dutch broker and others

BeenCrypto's comprehensive European crypto roundup covers the latest news and trends shaping the continent's crypto landscape. With journalists in key markets such as Germany, France and the UK, we provide in-depth insights into the regulatory environment, adoption rates, key industry events and market movements.

This week's roundup covers Societe Generale's partnership with Bitpanda, Kraken's acquisition of a Dutch brokerage to boost its European expansion, and other top stories.

Dutch regulator warns of crypto pump-and-dump risks

The Dutch Authority for Financial Markets (AFM) has issued a warning about the risk of cryptocurrency pump-and-dump schemes ahead of new EU rules on markets under the Crypto-Assets Regulation (MiCA). The MCA, which will come into effect on December 30, will explicitly ban crypto market manipulation across Europe.

According to an official press release, the AFM oversees the implementation of these new regulations in the Netherlands. The regulator has investigated several pump and dump schemes and plans to enforce stricter measures when the MCA is fully implemented.

The pump and dump scheme involves artificially increasing the value of cryptocurrency by spreading misleading or exaggerated information. Promoters typically buy the property at a low price, create a proposal to attract public investment, and then sell their holdings at an inflated price.

Read more: What are Markets in Crypto-Assets (MiCA)?

AFM executive board member Hanzo van Beusekom highlighted that pump-and-dump schemes in the crypto market “undermine the necessary confidence in the long-term potential of digital assets.”

Societe Generale Forge Partners from Bitpanda for Euro Stablecoin

Global banking giant Societe Generale has partnered with Bitpanda to expand the role of stotocoin in the financial system. The partnership focuses on the introduction of Societe Generale's euro-denominated stable coin (EUR CoinVertible (EURCV)) through its blockchain subsidiary, Societe Generale-FORGE.

Bitpanda will help drive mainstream adoption of EuroCiv, a key player in the European crypto industry. According to Lucas Inzersdorfer-Konrad, Deputy CEO of Bitpanda, euro-based stablecoins will be crucial for integrating traditional finance with digital assets.

“Fully regulated stablecoins are bridgeable. “We are working with Societe Generale-Forge to bring that future one step closer,” he said.

Stablecoins serve as the main link between fiat currencies and cryptocurrencies. Giving investors access to a regulated stablecoin is a critical step in attracting more investment into the crypto market.

The Societe Generale EURCV stablecoin complies with MiCA regulations and is listed on the Bitpanda trading platform. In the year As of 2023, Societe Generale ranks as the 19th largest banking group in the world with more than $1.7 trillion in total assets under management.

Acetera launched a secondary tokenized real-world asset market on Polygon

Acetera, Europe's first regulated blockchain-based secondary market for tokenized real-world assets (RWAs) is set to launch on Polygon. Acetera, which is regulated by the Austrian Financial Market Authority, uses its own smart contracts on the Polygon block.

The platform caters to retail, professional and institutional clients, offering financial instruments such as securities, money market instruments, fund classes and derivatives. Acetera also offers token RWAs such as real estate and art.

All trading takes place on the Polygon network, using stablecoins for purchases, clearing and settlement on atomic swaps. The platform works 24/7 without manual intervention.

Read more: How to invest in real-world crypto assets (RWA)?

Acetera supports custodial and non-custodial wallets with plans to introduce bank managed wallets. The platform has partnered with Sumsub, Chainalysis and Fireblocks to ensure anti-money laundering (AML) compliance.

Kraken acquires Dutch broker BCM to boost European expansion

In an effort to expand across Europe, Kraken has acquired Coin Meester (BCM), one of the oldest registered crypto brokers in the Netherlands. This acquisition strengthens Kraken's presence in the Dutch market and enhances its ability to operate with a Virtual Property Service Provider (VASP) license in France and Poland.

Brian Grahan, Kraken's managing director for Europe, highlighted the importance of the acquisition in a September 24 announcement.

“Completing the acquisition of BCM is a key milestone in our European expansion, which will allow us to leverage our strong footprint and market-leading position in terms of euro volume and liquidity to increase our market share in the coming years,” he said.

Kraken has increased its European expansion over the past two years, preparing for the upcoming regulatory framework. The exchange can now provide regulated VASP services directly or through joint ventures in various countries including Germany, Spain, Italy, Belgium, Ireland, France, Poland and the Netherlands.