The cryptocurrency exchange Kraken has revealed that it can now broaden its services across the European Union’s member states after obtaining a license under the Markets in Crypto-Assets (MiCA) framework.
In a notice released on Wednesday, Kraken stated it had secured the MiCA license from the Central Bank of Ireland, enabling the exchange to provide regulated services to individuals in the 30 European Economic Area member states. The approval followed Kraken acquiring a Markets in Financial Instruments Directive (MiFID) license in February and an Electronic Money Institution (EMI) license in 2023.
“We believe that trust is the most important asset in cryptocurrency, and it’s something that is earned. Over the past few years, our team has diligently worked to fulfill the [Central Bank of Ireland]’s gold standard regulatory expectations,” expressed Kraken co-CEO Arjun Sethi.
Other cryptocurrency exchanges aiming to broaden their regulated services within the EU region have likely sought MiCA authorization. Coinbase, OKX, Crypto.com, and Bybit have all announced MiCA licenses for 2025, with Gemini reportedly on a path for approval in Malta.
Related: Despite Trump’s endorsement, crypto opts for MiCA over the U.S.: Paybis
MiCA, which commenced in 2024 following extensive discussions and debates from EU policymakers, aimed to create regulatory uniformity across the region regarding digital assets.
Nevertheless, not all cryptocurrency firms are in agreement. The stablecoin issuer Tether has announced that it will not seek MiCA registration for its USDt (USDt) stablecoin, leading some exchanges to remove the token from their listings.
U.S. striving to catch up with MiCA cryptocurrency regulations
Kraken’s MiCA announcement arrived approximately a week after the exchange relocated its global headquarters to Wyoming in acknowledgment of the pro-crypto policymakers and beneficial regulations.
With a significant portion of its operations still in the U.S., Kraken is subjected to U.S. legislation currently being deliberated in Congress to establish a framework for the digital asset market and to provide regulatory guidance for payment stablecoins.
In March, the U.S. Securities and Exchange Commission (SEC) dismissed a civil lawsuit against the exchange initiated in 2023, alleging that Kraken operated as an unregistered exchange, broker, dealer, and clearing agency.
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