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Kraken Obtains VASP Registration From Dutch Central Bank

Today, the Dutch Central Bank granted a virtual asset service provider (VASP) registration to the crypto exchange Kraken.

This marks Kraken’s acquisition of its fourth European VASP license, enabling the company to extend its services to customers in the Netherlands.

With this registration, Kraken gains the ability to offer exchange and transfer services for virtual assets, in addition to providing custody and wallet services.

What is a VASP License?

A VASP license is part of a regulatory framework established to oversee enterprises providing services related to digital assets in Europe.

According to the Regulation on Markets in Crypto-Assets, entities offering digital asset services within the EU must comply with various requirements. These obligations encompass preventing money laundering, combating terrorist financing, and ensuring the disclosure and transparency of client information.

Kraken’s VASP Registration

The Dutch VASP license recently granted by the Dutch Central Bank is the latest addition to a series of European registrations obtained by Kraken. Alongside the Netherlands, the company holds VASP licenses in Italy, Ireland, and Spain.

Moreover, Kraken extends its crypto services in Belgium through Payward Europe Solutions Limited, a subsidiary of the company.

Kraken highlighted the Netherlands’ high crypto adoption rates as a significant factor in its decision to secure a Dutch VASP license, noting that approximately 20% of Dutch citizens own crypto. The exchange also commended the country for its vibrant startup and technology sector, a robust financial services industry, and the highest fintech adoption rate among developed economies.

Brian Gahan, Managing Director of Europe for Kraken, remarked, “With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate. We see a lot of opportunity to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe.”

In October 2023, Kraken announced its plans to acquire Coin Meester B.V., a Netherlands-based crypto exchange. The acquisition is pending regulatory approval.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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