Crypto exchange Kraken recently announced the procurement of a MiFID license in the EU, paving the way for expanding its financial products across European countries.
MiFID License and Its Importance for Kraken
Obtaining the MiFID license was made possible through the acquisition of a Cypriot Investment Firm, approved by the Cyprus Securities and Exchange Commission. This marks a significant step in Kraken's expansion strategy, enabling it to offer fully regulated derivatives to experienced crypto traders in specific EU markets. The license allows Kraken to broaden the range of digital assets offered via derivatives, aiding investors in effectively managing their risk exposure using diverse collateral currencies.
Focus on the European Market
This move aligns with the company's strategy to expand its footprint in Europe, a crucial market for cryptocurrency derivatives. By meeting regulatory standards, Kraken aims to ensure its services comply with EU financial regulations. "As we continue to expand our services globally, focusing on the European market remains a top priority," stated Shannon Kurtas, Kraken's Co-GM of Pro & Exchange. The company expresses confidence in the European market and a commitment to providing a safe and regulated environment for skilled crypto traders and investors.
Series of Strategic Expansions
The acquisition of the MiFID license follows a series of strategic expansions by Kraken, including the purchase of Crypto Facilities, a UK-based crypto futures platform regulated by the Financial Conduct Authority (FCA). These acquisitions highlight Kraken's commitment to strengthening its presence in regulated markets and providing advanced trading tools for its clients.
The acquisition of the MiFID license solidifies Kraken's position as a leading crypto exchange in Europe, enabling it to offer a variety of financial products that meet regulatory standards.
