Kraken and Coinbase Secure Key Regulatory Approvals in EU and UK

Kraken's Expansion in the EU

Kraken has acquired a Cypriot investment firm, granting it a Markets in Financial Instruments Directive (MiFID) license from the Cyprus Securities and Exchange Commission. This license enables Kraken to offer compliant derivatives products to advanced crypto traders in select EU markets. The move aligns with the EU's upcoming Markets in Crypto-Assets (MiCA) regulations, set to roll out in two phases starting late 2024.

Coinbase's Regulatory Milestone in the UK

Coinbase has obtained a Virtual Asset Service Provider (VASP) registration from the UK's Financial Conduct Authority. This approval allows Coinbase to expand its suite of crypto and fiat services in the UK, which is poised to introduce a comprehensive crypto regulatory framework in early 2025.

Strategic Expansion and Regulatory Readiness

Both Kraken and Coinbase view these regulatory approvals as pivotal steps in their global expansion strategies, particularly in the EU and UK regions. The forthcoming regulatory changes in these markets are expected to create a more structured and regulated environment for cryptocurrency exchanges and their users.

Kraken's Co-GM of Pro and Exchange, Shannon Kurtas, highlighted the significance of the European market to the company's global growth. Kurtas expressed confidence in the EU market and reaffirmed Kraken's commitment to providing a secure and regulated trading environment for sophisticated traders and investors.

These developments underscore Kraken and Coinbase's readiness to adapt and thrive within the evolving global regulatory landscape for digital assets.