Kraken, a US-based cryptocurrency exchange, has recently received virtual asset service provider (VASP) authorization from the Central Bank of Ireland via its subsidiary, Payward Europe Solutions. This regulatory approval has come at a crucial time as the European Union (EU) is preparing for the final vote on the Markets in Crypto Assets (MiCA) regulation, which will require all companies operating as crypto assets service providers (CASP) in the EU to register with one of the 27 authorized regulators in the union. Kraken has become the third cryptocurrency outlet to receive VASP authorization after Coinbase and Gemini.
Kraken’s head of European operations, Mark Jennings, has praised the Bank of Ireland’s decision, stating that this designation confirms the company’s legitimacy and commitment to driving crypto adoption throughout Europe. This approval strengthens Kraken’s position in the European market, providing them with a competitive advantage over other unlicensed exchanges that may struggle to comply with the forthcoming EU regulations.
