Kraken has received an EMI license from the UK's Financial Conduct Authority, marking a significant step in its market growth strategy.
EMI License from FCA
Kraken has officially received an Electronic Money Institution (EMI) license from the UK's Financial Conduct Authority (FCA). This allows the company to issue electronic money and facilitate faster client deposits and withdrawals.
Crypto Growth in the UK
The FCA approval comes amidst growing crypto adoption in the UK. According to FCA research, over seven million UK residents currently hold crypto assets. This growing enthusiasm highlights the importance of Kraken's strategic move to strengthen its market position.
Kraken's Expansion and India Plans
Recently, Kraken secured a Markets in Financial Instruments Directive (MiFID) license in the EU, enabling it to offer regulated derivatives to advanced traders. Additionally, the company plans to re-enter the Indian market, appointing Vishesh Khurana, co-founder of Shiprocket, as an advisor for local operations.
Obtaining the EMI license from the FCA represents a key phase in Kraken's expansion into the UK's crypto market and opens new opportunities in other markets.
