Kraken, one of the leading cryptocurrency exchanges, has obtained an Electronic Money Institution license from the UK's Financial Conduct Authority (FCA), significantly expanding its capabilities and services for UK customers.
Benefits of the New License for Kraken
The license allows Kraken to issue electronic money and facilitate faster deposits and withdrawals for UK customers. This opens up opportunities for partnerships with traditional financial institutions and the introduction of new products tailored to UK clients. Bivu Das, Kraken’s UK General Manager, stated that the exchange is preparing to meet the increasing demand for crypto-based financial services in the country.
Growing Interest in Cryptocurrency in the UK
The regulatory approval comes as the UK sees growing interest in cryptocurrency investments. According to FCA research, over seven million UK adults, about 12% of the adult population, now own crypto assets. The exchange has also seen an increase in GBP-denominated trading volumes, reinforcing the UK as one of its most active markets globally.
Kraken's Future Plans
Following recent approval under the EU’s MiFID framework, which allows it to offer regulated derivatives to European traders, Kraken plans to launch new crypto and fiat products in the coming months. The platform has been active in the UK since 2014, offering trading for over 300 cryptocurrencies and multiple fiat onramps for British users. Additionally, Kraken is expanding its presence through partnerships with UK sports brands and plans to introduce new tools for managing digital assets.
The acquisition of the Electronic Money Institution license strengthens Kraken's position as a leading player in the UK's cryptocurrency market. The expanded capabilities for UK customers and new products will help the exchange meet the growing demand for cryptocurrency services.
