Cryptocurrency exchange Kraken has received an Electronic Money Institution (EMI) license from the Central Bank of Ireland and a Virtual Asset Service Provider (VASP) license from the Bank of Spain.
The licenses will allow Kraken to develop and strengthen its business in Europe, Business Wire reported.
The EMI license granted to Kraken's Irish subsidiary will allow the exchange to offer euro fiat services to European clients in partnership with banks in Europe.
The VASP registration will allow Kraken to offer cryptocurrency exchange and depository wallet services to residents of Spain.
Notably, both licenses demonstrate the cryptocurrency exchange's commitment to operating in a legal environment and complying with all regulatory requirements.
"Today's announcement marks another important milestone in our European expansion strategy," said Curtis Ting, Vice President of Global Operations at Kraken.
"We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence. We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain. In both Ireland and Spain, we are excited to become part of their vibrant local fintech sectors," he added.
Ting also said that the exchange intends to further invest in its European operations in order to promote the adoption of cryptocurrencies in Europe.
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