Kraken is now in the “Mica Club” and thus in the race for the EU’s cryptom market leadership
- Kraken received his mica license in Ireland and thus enables regulated crypto services in all 30 EEA.
- The mica permit was a prerequisite for the recordings of the operation of octopuses in the EU.
Kraken has received the license for business in the EU and thus consolidates its position in the developing European digital asset sector. The license granted by Ireland enables Kraken, regulated crypto services in all 30 countries of the EEA (European Economic Area) to offer.
This development comes at a time when the competition is intensified and the large stock exchanges are fighting for market shares in the EU. Coinbase from Luxembourg had already been approved in the EU in front of Kraken.
Mica license strengthens Kraken’s European expansion
Kraken confirmed the license permit in a blog post from the company and described the milestone as a decisive progress in its European strategy. The company described Mica as a “game channel” for the crypto environment in the EU and referred to a strong increase in the commercial volume, which is staged at euro, as proof of the growing demand. With the mica license in hand, octopus can now operate in the entire EEA using a single regulatory framework, which means that there is no need for several country-specific permits.
According to Kraken, this approach reduces the friction losses when providing services for private and institutional customers. The stock exchange emphasized that Mica improves operational clarity and at the same time offers solid consumer protection, greater transparency and a uniform supervision. The company argued that these conditions are becoming increasingly attractive for institutional market participants, since they see Europe as a more stable alternative in view of the uncertain regulatory climate in the United States.
Arjun Sethi, co-CEO of Kraken, said that the preservation of the first mica permit from the Irish central bank signals the commitment of octopuses to “build in the long term” that the approval strengthens the position of the company to expand its regulated product range in Europe. Kraken said that the license will accelerate its ambitions, including a possible IPO (IPO) in the future.
Established EU presence and future prospects
Kraken already has a strong presence in the EU through registration as a virtual asset service provider (VASP) in key markets such as France, Italy, Spain and the Netherlands. The company also operates the crypto trading platform that claims to be the most liquid and trustworthy and trustworthy, after it introduced the first BTC/EUR retail couple in 2013.
In addition to the Mica, Kraken has other regulatory approvals, including the MiFID (Markets in Financial Instruments Directive) and EMI approval (Electronic Money Institution). These licenses enable the stock exchange to expand their services to the areas of spot markets, derivatives and crypto payment infrastructure.
The company is convinced that the standardized framework of Mica standardized the EU market, offer predictability and promote the long-term development of the industry. Kraken explained that the regulation brings cryptocurrencies to a common European set of rules, which promotes broader acceptance and compliance with the regulations.
Kraken’s license permit comes just a few days after the announcement of Coinbase, a similar mica permit, and signals a trend among the large crypto platforms to secure their place on the newly regulated EU market.
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