Kraken Achieves VASP Registration From the Dutch Central Bank

Kraken, one of the world’s leading cryptocurrency exchanges, has reached a significant milestone in its European growth strategy by attaining Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB). As per a blog post, this regulatory approval underscores its commitment to compliance and regulatory adherence while solidifying its position as a key player in the European cryptocurrency market.

Kraken Remains Focused on Delivering Innovative Products

The VASP registration from the Dutch Central Bank is a testament to Kraken’s ongoing efforts to establish a robust regulatory framework that aligns with evolving compliance standards in the cryptocurrency industry. By obtaining this registration, Kraken demonstrates its dedication to operating within the regulatory parameters set forth by European authorities, ensuring transparency, security, and accountability for its users. 

With regulatory approval, Kraken is better positioned to onboard customers, facilitate fiat-to-crypto transactions, and offer a wider range of services to its European user base. Looking ahead, Kraken remains focused on delivering innovative products and services while maintaining the highest standards of regulatory compliance and customer protection.

As Kraken continues to expand its presence in Europe and beyond, the attainment of regulatory approvals such as VASP registration underscores its leadership in the cryptocurrency industry. It also reinforces its reputation as a trusted and reputable platform for trading and investing in digital assets.

Kraken to Offer Stock Trading in the US

Recall that the crypto exchange announced its plans to offer its customers access to traditional United States-listed stock trading.

As a cryptocurrency exchange that has been in operation for the last twelve years, this move marked Kraken’s first foray into non-crypto products. Also, there will be access to UK stock trading. Both offerings will be provided and managed through a new division dubbed Kraken Securities.

Notably, Kraken already possesses the required authorization from the UK and it has also applied with the Financial Industry Regulatory Authority (FINRA) for a broker-dealer license in the U.S. This is likely Kraken’s strategy to diversify its offerings away from cryptocurrencies after surviving the bear market of 2022 which saw the likes of Celsius Network, 3AC, and FTX file for bankruptcy.

Licenses and Regulations

Kraken has a couple of digital asset licenses from many regions including Spain and Ireland. In 2022, the exchange received a full operating license from the Abu Dhabi Global Markets (ADGM) and the Financial Services Regulatory Authority (FSRA). 

However, just like many other digital asset service providers in the United States, Kraken has faced enforcement action from regulations. Kraken reached an agreement with the U.S. Securities and Exchange Commission (SEC) to stop its staking program and pay $30 million to resolve the SEC complaints.