Kraken and Coinbase, two of the largest cryptocurrency exchanges based in the United States, can expand their offerings across the European Union and the UK, respectively, after each received key regulatory approvals on Monday.
Kraken obtained a Markets in Financial Instruments Directive (MiFID) license in the EU after acquiring a Cypriot investment firm approved by the Cyprus Securities and Exchange Commission. Meanwhile, Coinbase received a Virtual Asset Service Provider (VASP) registration from the UK's Financial Conduct Authority, according to Kraken and Coinbase releases.
Kraken can now offer advanced crypto traders access to compliant derivatives products in certain European Union markets. Coinbase's VASP registration in the UK lets the firm offer crypto and fiat services. With the EU's Markets in Crypto-Assets (MiCA) regulations fully going into effect across two phases in late 2024 and the UK's forthcoming comprehensive crypto regulatory framework in early 2025, both companies now have the go-ahead to expand services across these regions.
"As we continue to expand our services across the globe, our focus on the European market remains a top priority,” said Shannon Kurtas, Kraken Co-GM of Pro and Exchange, in a company statement. “This acquisition reflects our confidence in the EU and underscores our commitment to providing a trusted, regulated environment for advanced crypto traders and investors.”
