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Why Did Kraken Just Opt For a License in Netherlands?
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Kraken, a cryptocurrency exchange, has announced that it obtained a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DCB) in the Netherlands.
This move strengthens the crypto market in Europe, which has seen significant growth as regulatory clarity in the region improves.
Kraken Secures Registration in Netherlands
In a recent statement, Kraken outlines that the registration only further grows their presence in Europe.
“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate.”
Kraken explained that the Netherlands boasts a dynamic startup and technology sector, a robust financial services industry, and the highest fintech adoption rate among developed economies.
Additionally, it ranks among the top in Europe for crypto adoption, with approximately 20% of Dutch citizens owning cryptocurrency.
It isn’t the first time that Kraken has conducted business in the Netherlands.
Read more: 11 Best Altcoin Exchanges for Crypto Trading in January 2024
In October 2023, BeInCrypto reported that Kraken has revealed its plan to acquire a Netherlands-based crypto exchange, aiming to strengthen its foothold in the European market.
Specifically, Coin Meester B.V. (BCM), which is one of the Netherlands’ longest-running exchanges and has been run for almost six years.
Kraken CEO David Ripley pointed to the Netherlands’ growing economy and its talent for innovation as the primary reasons for their interest in the acquisition:
“The Netherlands has one of the world’s most advanced economies, with a well-established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans.”
Statista forecasts that crypto revenue in Europe will reach $18.5 billion by 2028.
Recent Survey Shows Optimism For Crypto in Europe
This comes after crypto exchange Binance released a survey indicating a positive momentum shift amongst crypto across Europe.
In a recent report published by Binance, the company conducted interviews with participants from four European countries: France, Italy, Spain, and Sweden.
“A recent Binance survey reveals that a whopping 73% of European residents are optimistic about the future of cryptocurrencies!”
Read more: Crypto.com vs. Coinbase: Which Crypto Exchange Is Right for You?
Additionally, it highlights that 55% of participants utilize crypto for everyday purchases, with 10% making weekly crypto payments.
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