Crypto exchange Kraken has received a MiCA license in Ireland, enabling it to expand its operations across the European Union. This significant event comes amid increasing regulatory demands in the crypto industry.
Kraken and the MiCA License
Kraken has secured official registration with the Central Bank of Ireland, allowing it to operate in 27 EU countries. This announcement follows only a week after Coinbase achieved a similar license in Luxembourg, reigniting the focus on compliance in the sector.
Competition in the European Crypto Market
With Kraken now licensed, competition in the market is intensifying. The euro, previously a sidelined player in crypto, is now a key participant, accounting for 17.5% of global spot trading volume, more than doubling from the previous year.
Regulation: Opportunity or Threat?
The MiCA framework promises uniform regulation for the crypto industry in Europe. However, some experts express concerns that platforms may seek easier jurisdictions with lax oversight. According to Kraken's co-CEO Arjun Sethi, this step is a fundamental building block in creating a stable and attractive offering for clients and investors.
Obtaining the MiCA license marks a significant milestone for Kraken, enabling it to operate actively in Europe amidst tightening industry regulations. This development opens new opportunities for attracting users and meeting market demands.
