Kraken Granted Licence in Ireland

The US-based cryptocurrency exchange Kraken registered its subsidiary Payward Europe Solutions with the Central Bank of Ireland as a virtual asset service provider (VASP).

? We’re pleased to announce that Kraken has successfully registered with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP), affirming our commitment to helping drive crypto adoption in Europe ?? ?

Learn more ? https://t.co/mowesdqEGj pic.twitter.com/C2ScvDhpa1

— Kraken Exchange (@krakenfx) April 18, 2023

It is anticipated that in April the final vote on the regulation of crypto assets in the European Union — MiCA will take place.

Kraken, via its subsidiary, has become only the third American crypto platform approved to operate in EU countries. Exchanges Gemini and Coinbase were authorised as VASPs in July and December 2022 respectively.

“Kraken’s registration in Ireland demonstrates to our clients and regulators that the company adheres to European anti-money laundering and compliance standards,” the statement said.

Head of European operations Mark Jennings noted that the exchange aims to cooperate with local regulators.

“Clear and effective regulation is essential for bringing cryptocurrency into the mainstream. As new products and services are rolled out, we remain committed to working with European regulators on sensible and forward-looking rules for the industry,” he said.

Earlier in February, it emerged that Kraken settled claims with the SEC. The company agreed to pay $30 million in penalties and shut down its staking service for US customers.

After the activation of the Shapella hard fork the platform was one of the leaders in withdrawals of ETH from the Ethereum deposit contract.