The news comes as crypto companies are looking outside the United States and China for regulatory clarity.
cryptocurrency exchange Kraken Has obtained regulatory approval to operate in Ireland. The company successfully registered its Irish subsidiary Payward Europe Solutions Limited as a Virtual Asset Service Provider (VASP) with the Central Bank of Ireland on 18 April. VASP license allows the crypto exchange to operate legally in the country.
📣 We are pleased to announce that Kraken has successfully registered with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP), reaffirming our commitment to helping crypto adoption in Europe. does 🇮🇪 🤝
Learn more 👉 https://t.co/mowesdqEGj pic.twitter.com/C2ScvDhpa1
— Kraken Exchange (@krakenfx) April 18, 2023
Kraken where did it go This license is a testimony to its strong regulatory compliance and strict adherence to Anti-Money Laundering (AML) and Terrorism Financing rules. The firm’s head of European operations, Mark Jennings, said regulatory clarity was crucial to crypto adoption, adding that his company was working with regulators in the EU to improve the virtual asset landscape.
“Clear and effective regulation is essential to the mainstream adoption of cryptocurrencies. As we bring innovative products and services to market, we are committed to continuing to work with European regulators to ensure that smart, forward-looking crypto assets are regulated under “We have always put our clients first and provide industry-leading customer service, robust security protocols, and a compliance trading experience that leverages our market-leading position in liquidity and volume for Euro crypto pairs,” Jennings said. believe in offering.
As a VASP license holder, Kraken has agreed to ongoing monitoring of its platform by the Government of Ireland. Kraken’s senior managing director of global operations, Curtis Ting, revealed that it was easier to obtain a license, for example BitLicense, a New York-based certification for digital asset companies. He Praised For their clarity to the Irish authorities:
“Ireland and the Irish regulatory authority understand crypto, and they are proactive in implementing laws that make sense and have sufficient clarity.”
Crypto firms seek regulatory clarity in Europe and Hong Kong
The news comes as crypto companies are looking outside the United States and China for regulatory clarity. While the US does not have an outright ban on crypto like China, the regulator – the Securities and Exchange Commission (seconds) have taken a heavy-handed approach in particular – regulating primarily through enforcement – which the industry believes.
Major crypto exchanges including Kraken have been on the receiving end of such action. In February the exchange had to shut down its crypto staking-as-a-service platform for US customers and pay a $30 million fine to settle SEC charges that it offered unregistered securities. Earlier, in November 2022, the firm had entered into a $360,000 settlement with the US Office of Foreign Assets Control (OFAC) for allegedly allowing individuals from “Iran and elsewhere” to use its platform to violate sanctions. was allowed.
Increasing regulatory scrutiny and lack of clarity has forced many digital asset businesses to expand into Europe. The European Union is set to implement the Market in Crypto-Assets (MiCA) legal framework for crypto businesses operating in the region. The legislation is expected to bring the business of digital assets on par with traditional financial institutions.
Hong Kong is also vying for a spot as a crypto hub and is already processing applications from around 20 companies hoping to set up there. Officials point out that more than 80 firms have shown interest in operating in the city-state.
Mercy Mutanya is a tech enthusiast, digital marketer, author and IT business management student. He loves to read, write, do crosswords and binge-watch his favorite TV series.
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