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Kraken targets to broaden its global footprint from the US

source-logo  thecoinrepublic.com 25 August 2021 02:34, UTC
  • Kraken seems planning to acquire European licenses although it is yet to reach any conclusion
  • The potential European regulator jurisdiction of Kraken includes nations like Malta, Luxembourg, and Ireland
  • The cryptocurrency firm has been in talks with several European financial regulatory agencies
  • The plans of the firm came following the Coinbase’s acquaintance of european license

Kraken is one of the major cryptocurrency exchanges operating in the United States. The firm has a bigger user base in the industry. Recently, Jesse Powell had an interview with The Handelsblatt, the German business news outlet. In the interview, the CEO of the platform hints that the firm seeks to acquire a European license this year. Ultimately, the firm has plans to expand its global footprint into the European market. Moreover, it seems like the exchange is going after the direction of the leading crypto exchange Coinbase.

Kraken is in talks with European regulators

It is reportedly known that the potential European regulator jurisdiction of Kraken includes nations like Malta, Luxembourg, and Ireland. According to Jesse Powell, the crypto exchange is actively working on receiving a European license. Notably, several local jurisdictions are already under target for regulatory approval. 

Moreover, the cryptocurrency firm has been in talks with several European financial regulatory agencies. The aforementioned countries are the likely jurisdictions to license Kraken.

The exchange is yet to reach any conclusion

Currently, the digital assets exchange is operating in approximately 190 jurisdictions globally. Kraken has not reached any conclusion regarding its European regulatory jurisdiction. However, the exchange is still targeting to acquire a license by the end of this year. 

At the beginning of this year, Kraken also offered some services to European inhabitants through its mobile application. According to a spokesperson, the exchange currently offers access to European users through UK FCA registered entities. And also it complies with the applicable 5AMLD requirements. 

In the current scenario, the digital exchange is exploring multiple options to stay compliant. Hence, the firm is actively working to acquire various licenses, as per the representative.

Kraken’s team following Coinbase

By the end of Q2 2021, Coinbase has obtained a crypto license from Germany’s Federal Financial Supervisory Authority (BaFin). Soon after the leading platform received the license, Kraken came up with its plans to expand. It is noteworthy that the license allowed the crypto firms’ local arm to legally offer the exchange of digital assets against legal fiat currencies issued by the government. Simultaneously, Coinbase was also providing a range of crypto-related services to European citizens as well.

thecoinrepublic.com