Kraken Making Moves After Securing EU E-Money License

Kraken Making Moves After Securing EU E-Money License
Kraken, the U.S.–based cryptocurrency exchange hasrecently secured an EU e-money license. The company has ambitious moves for further expansion and is also reportedly planning to offer trading of U.S. listed stocks.
The cryptocurrency business is planning to explore the world outside of crypto by offering exchange-traded funds and U.S.-listed stocks. This makes it one of the first, and likely not the last, crypto firms to enter the space reserved for traditional financial services providers.
Kraken plans to initially launch this offering for the U.S. and the U.K. via its new division called Kraken Securities. The firm has already secured regulatory permits in the U.K. and applied for licenses in the U.S., particularly with the Financial Industry Regulatory Authority.
Kraken is reportedly planning to roll out the offering sometime in 2024. This news comes soon after the exchange's announcement of its receipt of authorization from the Central Bank of Ireland as an e-money institution (EMI).
This license allows Kraken, in partnership with European banks, to offer its EUR fiat services to 27 European Union (EU) member states and the European Economic Area (EEA) countries.
What does this mean for me?
The company has said it sees a bright future for crypto in Europe, which has forward-looking regulation that gives crypto firms the confidence to grow. Apart from the EMI license, Kraken has also successfully registered with the Bank of Spain as a Virtual Asset Service Provider (VASP), underlining the exchange's continued pursuit to expand its European business. Kraken boasts a market-leading position in liquidity and volume for EUR crypto pairs.

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