Kraken secures VASP registration from the Dutch central bank, marking a significant step in its European expansion and commitment to regulatory compliance. This strategic move enhances Kraken’s offerings in the Netherlands and positions it for further growth in Europe.
Kraken has marked an important milestone in its European growth strategy by securing Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB). This achievement not only signifies Kraken’s commitment to regulatory compliance, but also underlines 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 sectors combined with one of the highest levels of cryptocurrency adoption in Europe – approximately 20% of Dutch citizens own crypto. This makes the country a strategically vital market for Kraken’s European expansion plans. The exchange’s recent acquisition of Netherlands-based crypto exchange Coin Meester BV (BCM), pending regulatory approval, further demonstrates Kraken’s intent to deepen its market presence in the country.
Expansion and compliance with regulatory requirements
Kraken’s registration with VASP in the Netherlands allows it to offer a comprehensive range of services related to virtual assets, including exchange, transfer, custody and wallet services. This expansion is part of Kraken’s wider strategy to establish a solid footprint across Europe, having already secured VASP licenses in Spain, Italy and Ireland and operating in Belgium through a licensed subsidiary
VASP’s registration is in line with the upcoming EU regulatory framework for markets in crypto-assets (MiCA), demonstrating Kraken’s proactive approach to compliance and its commitment to providing secure and regulated crypto services. This regulatory milestone contrasts with Kraken’s legal challenges in the United States, where it faced SEC charges of commingling client funds and operating without proper registration.
Kraken’s securing VASP registration from DNB is not only proof of its compliance with regulatory requirements, but also a significant step towards its goal of becoming a leading player in the European crypto market. With this registration, Kraken aims to bring its offerings to both retail and professional traders in the Netherlands and across Europe, further accelerating its European growth strategy and strengthening its position in the evolving regulatory landscape.
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