Kraken intends to obtain a license from European regulators this year
America's second-largest crypto exchange has set its sights on expansion into Europe. Kraken is ready not only to follow in the footsteps of Coinbase but also to achieve much more coverage than a competitor in the framework of a future IPO.
The recent rise in bitcoin has helped the main cryptocurrency on the market break the psychologically important $50,000 mark. The next "stop" of the coin, many analysts call the bar above the April record of $64,000. Against this backdrop, an increasing number of investors are eyeing the industry, leading to the growth of large trading platforms such as Kraken, which are already developing growth plans in Europe.
In a conversation with Handelsblatt, Jesse Powell clarified that they are currently trying to obtain a license in an EU country. According to CEO Kraken, nowadays the team is choosing several fields at once to obtain permission from their regulators. As possible regulatory fields were mentioned Ireland, Malta, and Luxembourg.
Powell also clarified that the final settlement on the choice of jurisdiction hasn't been made yet. However, they are serious about getting it by the end of 2021. Today the exchange works in 190 jurisdictions. As for the EU region, the exchange offers its citizens to use its services through an organization listed with the UK FCA in compliance with The Fifth Money Laundering Directive (5AMLD).
Recall that in January 2021, Kraken began offering its assistance in several European lands along with the launch of the official mobile application of the digital currency exchange in these regions. Earlier in June, Coinbase's EU office got permission from Germany's chief financial regulator, BaFin. It allowed the exchange to legitimately offer locals buying, selling, and exchanging digital currencies.
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