Kraken Secures MiCA License Expanding EU Services

Cryptocurrency exchange Kraken has announced a significant regulatory achievement, securing a license under the Markets in Crypto-Assets (MiCA) framework from the Central Bank of Ireland. This license allows Kraken to expand its regulated services across all 30 member states of the European Economic Area (EEA). The approval comes after Kraken obtained a Markets in Financial Instruments Directive (MiFID) license in February and an Electronic Money Institution (EMI) license earlier in 2023.

Kraken's co-CEO, Arjun Sethi, emphasized the importance of trust in the crypto industry, stating that the exchange has worked diligently to meet the high regulatory standards set by the Central Bank of Ireland. This achievement is a testament to Kraken's commitment to regulatory compliance and its efforts to build a trusted platform for crypto enthusiasts and investors.

Other crypto exchanges, including Coinbase, OKX, Crypto.com, and Bybit, have also announced their intentions to secure MiCA licenses, with Gemini reportedly on track for approval in Malta. The MiCA framework, which began taking effect in 2024, aims to establish regulatory consistency across the EU for digital assets. However, not all crypto companies are on board with MiCA. Stablecoin issuer Tether has stated that it will not pursue MiCA registration for its USDt stablecoin, leading to some exchanges delisting the token.

Kraken's MiCA license comes at a time when the exchange has also made strategic moves in the United States. Recently, Kraken relocated its global headquarters to Wyoming, citing the region's pro-crypto policymakers and constructive regulations. Despite this move, Kraken remains subject to US laws currently being considered in Congress to establish a digital asset market structure framework and provide regulatory guidelines for payment stablecoins. In March, the US Securities and Exchange Commission (SEC) dropped a civil lawsuit against Kraken, which had been filed in 2023 alleging that the exchange operated as an unregistered exchange, broker, dealer, and clearing agency.

This regulatory milestone for Kraken is expected to enhance its market presence in the EU, attracting more users who prioritize regulatory compliance and security. The expansion of Kraken's services under the MiCA framework is a strategic step towards cementing its position as a leading player in the European crypto landscape. With the MiCA license in place, alongside existing MiFID and EMI licenses, Kraken can now extend its regulated offerings to millions of clients across the EU, ensuring a seamless and secure trading experience.