Kraken Prepares for MiCA Compliance Ahead of EU Vote with VASP Authorization

Kraken, the US-based cryptocurrency exchange, has just received its virtual asset service provider (VASP) authorization from the Central Bank of Ireland. This authorization is timely as the European Union is about to vote on the Markets in Crypto Assets (MiCA) regulation, which is expected to pass. This legislation will require any company operating as a crypto assets service provider in the EU to register with one of the union’s 27 authorized regulators. Kraken is now one of only three cryptocurrency outlets registered as a VASP, alongside Gemini and Coinbase. 

The head of Kraken’s European operations has praised the Bank of Ireland’s decision, stating that the registration underscores Kraken’s commitment to driving crypto adoption across Europe. In the US, Kraken had to settle with the Securities and Exchange Commission over alleged improprieties with its staking services and paid $30 million in fines. However, Kraken should be in a good position to meet MiCA compliance requirements ahead of the EU vote on April 19.

Clever Robot News Desk 20^th April 2023