Access to 30 EU Countries Through MiCA License
With this MiCA license, Kraken now has the authorization to offer its regulated crypto services in 30 countries of the European Union. A pivotal moment in the company’s international strategy, highlighting the growing importance of regulatory compliance within the crypto ecosystem.
“We believe that trust is the most valuable currency in crypto, and it must be earned”, said Arjun Sethi, co-CEO of Kraken. “Our team has been working for years to meet the high requirements of the Central Bank of Ireland.”
Indeed, Kraken is no stranger to European licenses. Last February, the company had already obtained a MiFID license, and in 2023 an Electronic Money Establishment license. This succession of licenses illustrates the crypto sector’s willingness to comply with new regulations.
Other Exchanges Adapting to MiCA Rules
Kraken is not the only exchange platform to comply with the European regulatory framework. Coinbase, OKX, Crypto.com, and Bybit have also announced receiving their MiCA license earlier this year. Gemini is also on track to obtain a license in Malta.
Scheduled to come into effect in 2024, the MiCA regulation aims to bring more clarity and uniformity within the European crypto industry. However, not all players are convinced. Tether, the issuer of the USDT stablecoin, has chosen not to participate in the MiCA process. As a result, its stablecoin is no longer available to European users on some platforms.
While Europe advances towards regulation, the United States seems to be lagging behind for now. Recently, Kraken has relocated its headquarters to the US state of Wyoming, known to be more crypto-friendly. The US regulatory framework is still evolving, with bills like the FIT21 Act aiming to structure the crypto landscape.
