Kraken confirms VASP registration in the Netherlands
Crypto exchange Kraken has received its fourth license in Europe, its compliance services are now available in the Netherlands.
In the year According to the announcement made on February 8, the exchange was granted a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB) to provide virtual asset exchange and transfer services as well as custody and wallet services.
The VASP license is a regulatory framework designed to regulate businesses that provide services related to digital assets. Under the Regulation on Markets in Crypto-Assets (MiCA), entities providing services related to digital assets in the EU must comply with various requirements, including preventing money laundering, terrorist financing, and ensuring the disclosure and transparency of customer information.
The exchange targets key markets in Europe. In addition to the Netherlands, Kraken has VASP licenses in Spain, Italy and Ireland. It offers crypto services through a licensed branch in Belgium.
“The Netherlands has a vibrant startup and technology sector. […] Kraken has one of the highest crypto adoption rates in Europe with around 20% of Dutch citizens according to the statement.
Another milestone in our European growth strategy – Kraken received registration from the Dutch Central Bank
We look forward to welcoming all new Dutch customers who want an easier, better and safer crypto experience.
Read more ⤵️ https://t.co/9rG46vUyit
— Kraken Exchange (@krakenfx) February 8, 2024
In October 2023, the exchange announced the acquisition of Netherlands-based crypto exchange Coin Meester BV (BCM) to expand its market presence in the country. The deal is pending regulatory approval.
Kraken's regulatory process in Europe contrasts with challenges in the United States. The San Francisco-based company was indicted by the Securities and Exchange Commission (SEC) in November 2023 for commingling customer funds and failing to register as a securities exchange, broker, dealer and clearing agency – with Binance and Coinbase sued. The controller a few months ago for the same reasons.
In the year In February 2023, the exchange reached a $30 million settlement with the SEC, which included a ban on stock products and services for US clients.
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