Cryptocurrency exchange Kraken has secured a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB). This will enable the company to expand its offerings to clients in the Netherlands.
The registration comes as part of Kraken’s broader growth strategy across Europe. In addition to the latest DNB approval, Kraken also holds active VASP registrations in Spain, Italy, and Ireland.
“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate,” said Brian Gahan, Managing Director Europe for Kraken.
Kraken mentioned that it sees a lot of opportunity to introduce its offering to both retail clients and professional traders in the Netherlands and across Europe. The exchange also announced the acquisition of Dutch crypto broker BCM last October.
Kraken highlights importance of the Dutch market
According to Kraken, the Netherlands represents a strategically vital market for crypto adoption in Europe. Key factors underlying its potential include:
- Thriving startup and technology industry.
- Established financial services sector.
- Leading fintech adoption rates globally.
- High crypto ownership of ~20% among Dutch consumers.
The VASP registration comes ahead of new EU regulations under the Markets in Crypto-Assets (MiCA) framework, set to be implemented in 2024. Kraken said its proactive regulatory compliance efforts, combined with investments to grow its presence across Europe, will help cement its position.
The current expansion plans by the exchange come following a period of intense scrutiny by the SEC. Kraken came under the scrutiny of the SEC in November.
The commission had charged the exchange for operating as an unregistered securities exchange, broker, dealer, and clearing agency. The exchange also paid $30 million to the SEC and vouched to halt its staking services in February 2023.