Digital asset exchange Kraken has been approved for a MiFID [Markets in Financial Instruments Directive] license.
A MiFID license enables a firm to provide services across the EU with standardized reporting and “enhanced” transparency. Kraken gained the approval via an acquisition of a Cypriot investment firm, which was recently approved by the Cyprus Securities and Exchange Commission (CySEC). Kraken explained that In 2019, they acquired Crypto Facilities, a UK FCA-regulated crypto futures platform, which later became the first licensed crypto futures platform in the UK.
Kraken says that with the approval, it will now offer compliant and regulated derivatives products to advanced crypto traders across selected EU markets. Kraken reports growing demand for this type of service, with derivatives going live in certain markets in the “coming months.” Europe is said to be one of the most active regions for crypto derivatives.
In a blog post, Shannon Kurtas, Kraken Co-GM of Pro & Exchange, said Europe continues to be a top priority.
“This acquisition reflects our confidence in the EU and underscores our commitment to providing a trusted, regulated environment for advanced crypto traders and investors.”
Kraken is a top ten global digital asset exchange.
