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Payward Europe Solutions, an Irish subsidiary of Kraken registered in Dublin, was awarded virtual asset service provider (VASP) authorization from the Central Bank of Ireland on April 18.<\/p>\n
\nWe\u2019re pleased to announce that Kraken has successfully registered with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP), affirming our commitment to helping drive crypto adoption in Europe <\/p>\n
Learn more https:\/\/t.co\/mowesdqEGj<\/a> pic.twitter.com\/C2ScvDhpa1<\/a><\/p>\n
\u2014 Kraken Exchange (@krakenfx) April 18, 2023<\/a><\/p><\/blockquote>\n
The VASP authorization comes at a critical time for Kraken. The European Union is scheduled to conduct its final vote on the long-awaited Markets in Crypto Assets<\/a> (MiCA) regulation. <\/p>\n
The MiCA legislation is expected to pass after preliminary voting showed overwhelming bipartisan support. If it does, the resulting changes will require any company operating as a CASP \u2014 a crypto assets service provider \u2014 in the EU to register with one of the union\u2019s 27 authorized regulators. <\/p>\n
Kraken, or rather its Irish subsidiary Payward Europe Solutions, has received such qualification, becoming only the third cryptocurrency outlet so registered. Exchanges Gemini and Coinbase received their VASP authorization in July and December of 2022, respectively. <\/p>\n
Related: <\/em>Crypto in Europe: Economist breaks down MiCA and future of stablecoins<\/em><\/a><\/strong><\/p>\n
Kraken\u2019s head of European operations, Mark Jennings, lauded the Bank of Ireland\u2019s decision in a company blog post<\/a>, stating that \u201cClear and effective regulation is essential for the mainstream adoption of cryptocurrencies.\u201d Jennings also intimated that the designation was a testament to the company\u2019s legitimacy:<\/p>\n
\u201cKraken\u2019s Irish VASP registration demonstrates to both our clients and regulators that Kraken follows Europe\u2019s most robust anti-money laundering and compliance standards. Registration further underscores Kraken\u2019s commitment to driving crypto adoption across Europe, now and into the future.\u201d<\/p><\/blockquote>\n
Back in the U.S., the road\u2019s been bumpier for the Kraken cryptocurrency exchange, as it was forced to settle\u00a0with the Securities and Exchange Commission<\/a>\u00a0over alleged improprieties with its staking services. As a result of the lawsuit, Kraken paid $30 million in fines and agreed to cease offering staking services to U.S. clients. <\/p>\n
Fast forward to April 18, and it appears that Kraken should have all of its ducks in a row to meet MiCA compliance requirements ahead of the EU vote on April 19. If the measures pass, full implementation is expected<\/a> by Q3 2024, after an 18-month transition period. <\/p>\n<\/div>\n