Kraken expands European foothold with Dutch crypto broker acquisition
Kraken has announced its acquisition of Coin Meester (BCM), one of the Netherlands oldest registered crypto brokers, according to a Sept. 24 statement.
This move aims to strengthen Krakens presence in the Dutch market and also expand its business reach with virtual asset service provider (VASP) licenses in France and Poland.
Brian Grahan, Krakens managing director for Europe, said:
We are one of the very few in Europe that can combine global scale with a compliant offering and a superior client experience. Our clients stand to benefit as we empower them with the premium trading and investing experiences needed to unlock cryptos full potential.
Kraken secured its VASP registration from the Dutch Central Bank (DNB) in February.
European expansion
This acquisition is timely as the European Unions Markets in Crypto-Assets Regulation (MiCA) takes effect in December.
The MiCA regulation aims to create a regulated digital asset environment that protects crypto users while promoting innovation. The framework will streamline operations across EU member states, making it easier for businesses to navigate regulations under one unified framework.
In preparation for MiCA, Kraken has accelerated its expansion across Europe over the past two years. The company now offers regulated VASP services directly or through partnerships in countries such as Germany, Spain, Italy, Belgium, Ireland, France, Poland, and the Netherlands.
Krakens managing director for Europe, Brian Grahan, noted that its latest move marks a key milestone in the firms European expansion efforts. He stated:
The completion of the BCM acquisition is a key milestone in our European expansion, allowing us to leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share in the years ahead.
The post Kraken expands European foothold with Dutch crypto broker acquisition appeared first on CryptoSlate.
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Text source: CryptoSlate
