Kraken issued crypto licence in Ireland
Crypto exchange Kraken has become the first company to be awarded a Markets in Crypto Assets (Mica) licence from Ireland's central bank.
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The "huge milestone" gives US-based Kraken the regulatory authority to operate across the EU and in any of the 30 markets that make up the European Economic Area.
The crypto exchnage already has a virtual asset service provider licence in Ireland as well as a number of other EU states including Belgium, France, Italy and the Netherlands.
But, according to Kraken, the MiCA licence will enable it to expand its product offering to include spot trading, derivatives and payments to retail, professional and institutional clients across Europe.
'Securing a license from the Central Bank of Ireland (CBI), with its long heritage and experience as a rigorous financial regulator, isn't just about compliance. It's a powerful signal of Kraken's commitment to expanding the crypto ecosystem through responsible innovation,' said Arjun Sethi, Kraken's co-chief executive.
'Over the past several years, our team has worked tirelessly to meet the CBI's gold standard regulatory expectations. This license reflects that effort and places us in a strong position to expand our product offering, grow our institutional and retail client base, and deliver secure, accessible, and fully regulated crypto services to millions more people across the EU.'
The news is a timely boost for Ireland's crypto market given that two prominent crypto exchanges have recently left the market. Firstly, Coinbase switched its European base to Luxembourg, citing a more favourable regulatory climate in the Duchy. Then Gemini followed step, citing the regulatory climate and relocating to Malta.
Both Coinbase and Gemini chose Dublin as their European HQs in 2023. However, later that year, the central bank governor Gabriel Makhlouf called unbanked crypto a "ponzi scheme" and signalled tighter regulation.
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