Kraken is reporting they have obtained a VASP registration from the Dutch Central Bank (DNB), as part of their European growth strategy.
In a blog post, digital asset firm Kraken notes that this registration will allow them “to expand into an important European market and offer our industry-leading products to Dutch clients.”
Kraken claims that they are “committed to growing their business in compliance with European regulations and have obtained a number of registrations over the past year.”
In addition to the Netherlands, they reportedly “hold registrations in Spain, Italy, and Ireland and are actively pursuing registrations in other European markets.”
Brian Gahan, Managing Director of Europe for Kraken, said:
“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate. We see a lot of opportunity to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe. Whether for existing crypto investors or people looking to buy crypto for the first time, Kraken is a top choice with a very competitive offering that continues to expand.”
According to the update shared by Kraken, the Netherlands has “a vibrant startup and technology sector, a strong financial services industry and the highest fintech adoption rate among developed economies.”
The announcement added that the area also “has one of the highest crypto adoption rates in Europe, with around 20% of Dutch citizens owning crypto.”
As a result, Kraken says that they view the Netherlands “as a strategically important market for its European growth strategy, as evidenced by our proposed acquisition of Dutch crypto broker BCM, which was announced in October 2023.”
As the EU implements the new rules under the Markets in Crypto-Assets (MiCA) regulatory framework, they have accelerated their investment in the region’s long-term crypto industry growth.
Kraken explains that the European landscape is “highly fragmented; rising costs and growing competition are expected to drive consolidation.”
By leveraging our financial and operational resources, Kraken say that they “plan to grow our market share in the years ahead.”
Through their extensive product offering, clients gain access “to more than 200 digital assets, liquidity, security standards and 24/7/365 live client support.”