Kraken becomes first crypto giant to get Mica license from Central Bank
The move means that Kraken can now trade across the 30-member European Economic Area as a fully-regulated entity.
Andrew Mulvenny, the Dublin-based general manager of trading platform for Kraken, described the move as a 'huge milestone and a massive achievement'.
It comes after a run of bad news for Ireland in the crypto space, with Coinbase following Gemini out of Ireland as its main regulatory hub in recent months.
Coinbase chose to switch its EU regulatory base to Luxembourg, saying it preferred the regulation climate there to Dublin. Gemini said the same thing, favouring Malta. Both of the crypto giants had originally established their European regulatory hubs in Dublin in 2023, before Central Bank governor Gabrioel Makhlouf described cryptocurrencies as a 'Ponzi scheme'.
The IDA's CEO, Michael Logan, said that Kraken's Mica licence from the Central Bank here was important.
'This landmark moment strengthens Ireland's standing as a leading fintech hub in Europe,' he said.
'We value Kraken's ongoing investment and engagement and we look forward to further collaboration as the digital finance sector continues to grow in Ireland and across the EU.'
The chair of Blockchain Ireland, Lory Kehoe, also put a positive light on the Kraken news against the background of regulatory uncertainty in recent months.
'This is a win for the Irish ecosystem,' he said.
'It strengthens Ireland's position in the EU's digital finance landscape, creates pathways for high-quality jobs and gives clarity to start-ups, institutions, and investors building in Ireland.'
Mr Kehoe also predicted that more Mica licences would be issued by the Central Bank.
A spokesperson for Kraken said that the Mica licence represented a 'pivotal milestone' for the San Francisco firm.
'Being the first major global crypto platform to receive authorisation from the Central Bank of Ireland affirms Kraken's commitment to building for the long term,' said Kraken co-CEO, Arjun Sethi.
'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.'
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The 42
an hour ago
- The 42
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