The cryptocurrency exchange Kraken recently obtained its fourth license in Europe, allowing it to officially operate in the Netherlands. This Virtual Asset Service Provider (VASP) registration, issued by the Dutch Central Bank (DNB), grants Kraken the right to exchange and transfer virtual assets, as well as provide custody services and wallets. Obtaining a VASP license is part of the European Union's regulatory requirements aimed at preventing money laundering and terrorist financing, as well as ensuring transparency and disclosure of information about clients.
Kraken is actively expanding its presence in Europe, holding VASP licenses not only in the Netherlands but also in Spain, Italy, Ireland, and offering services in Belgium through a licensed subsidiary. The Netherlands, with their dynamic startup sector and high level of cryptocurrency adoption among the population (around 20% of citizens own cryptocurrency), represent a key market for Kraken.
In October 2023, the exchange also announced the acquisition of the Dutch cryptocurrency exchange Coin Meester B.V. (BCM) to further expand in the Dutch market, pending approval from regulatory authorities. This expansion contrasts with Kraken's issues in the United States, where the company faced a lawsuit from the Securities and Exchange Commission for failure to comply with registration requirements, resulting in a settlement of $30 million and suspension of some services for US clients.
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