tl;dr
Kraken has obtained a regulatory license under the EU's Markets in Crypto Assets (MiCA) framework from the Central Bank of Ireland, allowing it to offer crypto services across 27 EU and three EEA member states. This makes Kraken the first major global crypto platform authorized by the CBI. The licen...
Kraken has obtained a regulatory license under the EU's Markets in Crypto Assets (MiCA) framework from the Central Bank of Ireland, enabling it to offer crypto services across 27 EU and three EEA member states. This milestone establishes Kraken as the first major global crypto platform authorized by the CBI, signaling its commitment to expanding product offerings and client reach within the EU.
The euro's role in global fiat spot crypto trading has surged, now representing 17.5% of the market, more than doubling from the previous year. Kraken's move follows a similar authorization granted to Coinbase in Luxembourg, highlighting a competitive race among crypto platforms to comply with the unified MiCA regulations fully enforced since late last year.
MiCA introduces a harmonized regulatory framework across the EU, allowing firms licensed in one member state to operate throughout the bloc without obtaining separate approvals. However, this single-license system has raised concerns that companies might seek approvals in jurisdictions with lighter regulatory regimes, potentially lowering enforcement standards EU-wide. The European Securities and Markets Authority is actively reviewing Malta’s licensing practices amid these worries.
In addition to its new MiCA license, Kraken holds Virtual Asset Service Provider registrations in several EU countries, including Ireland, Belgium, France, Italy, the Netherlands, Poland, and Spain. This expansion reflects Kraken’s strategic effort to provide secure, accessible, and fully regulated crypto services to millions of users across Europe while navigating the evolving landscape of crypto regulation.