Kraken Secures Regulatory Approval To Operate In Ireland

Cryptocurrency exchange Kraken has revealed that it has secured a virtual asset service provider (VASP) license from the Central Bank of Ireland.

According to Kraken, the approval was granted on the 18th of April.

VASP Registration Received

With the license secured, Kraken can now legally operate in the country of Ireland. Kraken released a statement announcing the news and added that the approval is a testament to the fact that the exchange adheres to strict anti-money laundering and terrorism financing rules. It also added that receiving the license showed that it is committed to meeting all compliance requirements. Mark Jennings, the head of Kraken’s European operations, stated,

“Clear and effective regulation is essential for the mainstream adoption of cryptocurrencies. As we bring innovative products and services to market, we’re committed to continuing to work with European regulators to operate compliantly under sensible, forward-looking crypto asset regulation. We’ve always put our clients first and believe in offering a compliant trading experience that leverages industry-leading customer service, robust security protocols, and a market-leading position in liquidity and volume for EUR crypto pairs.”

Growing Regulatory Uncertainty

For several years, the crypto industry has been crying out for better regulatory clarity. However, the biggest economies in the world, namely the United States of America, along with China, have adopted a relatively hostile stance towards the entire sector. The regulatory landscape in the United States is still more open than in China, which had banned digital assets entirely in 2021. However, the Securities and Exchange Commission has approached regulation with a heavy hand, often through enforcement.

As a result, the SEC has taken action against some of the biggest and most well-established exchanges in the country, such as Coinbase and Kraken. This has resulted in a mass exodus as platforms look to expand and move into markets tha

Go to Source to See Full Article
Author: Amara Khatri

Did you like this?
Tip BTC Newswire with Cryptocurrency