Catenaa, Tuesday, February 04, 2025 – US-based cryptocurrency exchanges Kraken and Coinbase have received regulatory approvals, clearing the way for expanded operations in the European Union and the United Kingdom, respectively.
Kraken obtained a Markets in Financial Instruments Directive (MiFID) license in the EU through its acquisition of a Cypriot investment firm regulated by the Cyprus Securities and Exchange Commission.
The approval allows Kraken to offer derivatives trading to advanced crypto investors across select EU markets.
Meanwhile, Coinbase secured Virtual Asset Service Provider (VASP) registration from the UK’s Financial Conduct Authority (FCA), permitting the exchange to provide crypto and fiat services in the country. The move aligns with the UK’s incoming regulatory framework for digital assets, expected in early 2025.
The acquisition reflects Kraken’s confidence in the EU and highlight its commitment to providing a trusted, regulated environment for advanced crypto traders and investors, Kraken said.
The approvals position both firms to capitalize on evolving regulatory landscapes.
The EU’s Markets in Crypto-Assets (MiCA) framework is set to be fully implemented in late 2024, while the UK is advancing a more comprehensive approach to digital asset oversight.
Both Kraken and Coinbase see these regulatory wins as pivotal to their global expansion strategies, reinforcing their commitment to compliance and investor protection.
