Kraken, a popular cryptocurrency platform, has obtained a key MiCA license from the Central Bank of Ireland, granting it full regulatory access across all 30 member states of the European Economic Area.
New MiCA License from Central Bank of Ireland
The MiCA license, announced on June 25, strengthens Kraken's foothold in Europe and allows the platform to expand its suite of regulated offerings, including crypto trading, derivatives, and payment services.
Strategic Importance of the License for Kraken
Kraken's co-CEO Arjun Sethi hailed the license as a strategic milestone, emphasizing the company's commitment to responsible innovation in the crypto space. He stated, "Securing a license from the Central Bank of Ireland, with its long heritage and experience as a rigorous financial regulator, isn’t just about compliance. It’s a powerful signal of Kraken’s commitment to expanding the crypto ecosystem through responsible innovation."
Context of Crypto Regulation in Europe
The MiCA license follows Kraken's earlier acquisition of a MiFID license through its Cyprus-based entity and approval from the UK's Financial Conduct Authority (FCA) in March, which enables the platform to partner with traditional financial institutions. The MiCA regulation was fully enforced in December 2024, requiring all crypto platforms to obtain licenses to offer services across Europe.
The acquisition of the MiCA license is a significant step for Kraken, allowing the company to strengthen its position in the European market while complying with the increasing regulatory demands in the cryptocurrency space.
