Kraken Bolsters European Presence with Acquisition of Dutch License

Crypto News– Kraken announced on Thursday that it has secured a license in the Netherlands, enabling the cryptocurrency exchange to provide services within the country.

Kraken Bolsters European Presence with Acquisition of Dutch License

The company stated in a blog post that it had received notification of obtaining a virtual asset service provider (VASP) registration from the Dutch Central Bank (DNB). This development comes after Kraken’s acquisition of the Dutch crypto broker BCM last October, a strategic move aimed at strengthening its presence in the Netherlands.

Kraken highlighted the Netherlands’ vibrant startup and technology sector, along with its robust financial services industry and high fintech adoption rate among developed economies. Additionally, the country boasts one of the highest cryptocurrency adoption rates in Europe, with approximately 20% of Dutch citizens owning crypto assets.

Obtaining the license in the Netherlands marks another step forward in Kraken’s broader efforts to expand across Europe. The company has also secured licenses in Spain, Italy, and Ireland as part of its ongoing expansion strategy.

Kraken Continues European Expansion Efforts

In a statement, Kraken’s Managing Director in Europe, Brian Gahan, expressed enthusiasm about the company’s accelerated European growth strategy with the addition of the Dutch VASP registration. Gahan emphasized the vast opportunities to introduce Kraken’s offerings to both retail clients and professional traders in the Netherlands and throughout Europe.

In November, Kraken faced a lawsuit from the Securities and Exchange Commission (SEC) in the U.S., alleging operation as an unregistered online trading platform. Despite this legal challenge, the company affirmed that its business remained unaffected by the lawsuit.