Kraken Secures EU MiFID License, Expands Crypto Derivatives Offering

Cryptocurrency exchange Kraken has secured a significant regulatory milestone by obtaining a Markets in Financial Instruments Directive (MiFID) license through the acquisition of a Cypriot investment firm. This strategic move enables Kraken to expand its services in the European Union (EU), offering advanced crypto traders access to compliant derivatives products in certain EU markets.

The MiFID license, sanctioned by the Cyprus Securities and Exchange Commission, positions Kraken to capitalize on the upcoming implementation of the EU's Markets in Crypto-Assets (MiCA) regulations. The first phase of MiCA is set to commence in late 2024, providing a structured and regulated environment for cryptocurrency exchanges and their users.

Kraken's Co-GM of Pro and Exchange, Shannon Kurtas, emphasized the importance of the European market to the company's global expansion strategy. In a statement, Kurtas expressed confidence in the EU market and reiterated Kraken's commitment to delivering a secure and regulated trading environment for sophisticated crypto traders and investors.

Kraken's acquisition of a Cypriot investment firm with a MiFID license follows its earlier acquisition of Crypto Facilities, a U.K. FCA-regulated crypto futures platform, in 2019. This strategic expansion plan demonstrates Kraken's readiness to adapt and grow within the evolving global regulatory landscape for digital assets.