Popular crypto exchange Kraken's Irish subsidiary, Payward Europe Solutions, has received authorization from Ireland's central bank to operate as a virtual asset service provider in the country.
The move came ahead of the European Union's (EU) long-awaited crypto regulation, the Markets in Crypto Assets (MiCA).
- MiCA is expected to be passed by European lawmakers in a vote on April 20, though it will not take effect until 2026.
- Many
crypto firms tried to register with the regulators in the region before
MiCA to be exempt from the stricter rules of the new regulation as an
already registered entity.
- Kraken's
Payward Europe Solutions has become the third crypto company to receive
authorization from Ireland's central bank after Gemini and Coinbase.
- The
exchange's head of European operations, Mark Jennings, said the firm's
registration in Ireland demonstrates its intent to follow Europe's most
robust standards and its commitment to increase crypto adoption across
Europe.
- Kraken is in a bit more troubled situation with the regulators in its native U.S.
- In February, the U.S. Securities and Exchange Commission (SEC)
forced Kraken to halt the operations of its staking service for U.S.
customers and to pay a $30M fine to settle, citing that the platform
offered unregistered securities.
