Kraken Pushes Forward on Expansion in Spain, Ireland With Key Regulatory Steps

Kraken obtained a registration from Spain's central bank, while its Irish subsidiary secured a license.

AccessTimeIconSep 26, 2023 at 1:40 p.m. UTC

Crypto exchange Kraken said it attained a virtual asset service provider registration in Spain from the country's central bank.

The exchange will soon be able to offer crypto exchange and custodial wallet services to Spanish residents. Kraken's Irish subsidiary also obtained an e-money institution (EMI) license in Ireland from the central bank there which will enable it to expand its "EUR fiat services in partnership with banks," in the country and across Europe, according to a press release Tuesday.

Exchanges have been looking to expand in Europe since the European Union clarified its regulatory approach to crypto. Recently Coinbase registered in Spain. The EU's comprehensive legislation for crypto the markets in crypto assets regulation (MiCa) is set to take effect in 2024.

“We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence," said Curtis Ting, Kraken’s vice president of global operations. "We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain. In both Ireland and Spain, we are excited to become part of their vibrant local fintech sectors. We also look forward to continuing our investments in Europe more broadly.”


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.