Hassan Maishera
TL;DR
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Kraken continues its European expansion by obtaining a Dutch license.
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The crypto exchange had previously secured licenses in Spain, Italy and Ireland.
Kraken Expands its Presence in Europe with a Dutch License
US-based cryptocurrency exchange Kraken announced on Thursday that it has secured a license in the Netherlands, allowing the crypto exchange to offer services in the country.
The company said it was notified of its virtual asset service provider (VASP) registration by the Dutch Central Bank (DNB). This latest development comes after Kraken acquired the Dutch crypto broker BCM last October, in a bid to strengthen its presence in the country. Brian Gahan, Managing Director Europe for Kraken commented that,
“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate. We see a lot of opportunities to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe. Whether for existing crypto investors or people looking to buy crypto for the first time, Kraken is a top choice with a very competitive offering that continues to expand.”
Acquiring the Dutch license is a huge achievement for Kraken as the crypto exchange works on expanding its presence in Europe. This latest development comes after the company previously obtained licenses in Spain, Italy and Ireland. Kraken added that,
“The Netherlands has a vibrant startup and technology sector, a strong financial services industry and the highest fintech adoption rate among developed economies. It also has one of the highest crypto adoption rates in Europe with around 20% of Dutch citizens owning crypto.”
Kraken continues to expand its presence in Europe despite its regulatory challenges in the United States. In November last year, the US SEC sued Kraken for allegedly operating as an unregistered online trading platform. However, Kraken maintains that its operations continue without a hitch despite the lawsuit.
