In a latest development, crypto exchange Kraken announced in a blog post that it has secured a Markets in Financial Instruments Directive (MiFID) license in the EU. The license was obtained through the acquisition of a Cypriot Investment Firm, which was recently approved by the Cyprus Securities and Exchange Commission (CySEC).
Notably, this milestone is a significant step in its expansion strategy, enabling it to provide fully compliant and regulated derivatives products to experienced crypto traders in specific EU markets. With the MiFID license secured, Kraken can now expand its services to additional European countries, providing traders with a wide range of digital assets through derivative products. These offerings are tailored to help investors effectively manage their risk exposure, using various collateral currencies.
Focus On EU Remains A Priority
This move is in line with the company’s strategy to expand its footprint in Europe, a crucial market for cryptocurrency derivatives. By meeting regulatory standards, Kraken aims to ensure its services adhere to EU financial regulations.
“As we continue to expand our services across the globe, our focus on the European market remains a top priority,” remarked Shannon Kurtas, Kraken Co-GM of Pro & Exchange. The company is confident in the European market and is committed to providing a safe and regulated environment for skilled crypto traders and investors.
Kraken plans to meet additional requirements before launching its derivatives products in Europe. The company will roll out these offerings gradually, making sure they comply with regulations. This move strengthens Kraken’s commitment to providing secure and regulated trading options for its users.
Series Of Strategic Expansions
Kraken’s acquisition of the MiFID license follows a series of strategic expansions, including the purchase of Crypto Facilities, a UK-based crypto futures platform regulated by the Financial Conduct Authority (FCA). These acquisitions show Kraken’s commitment to strengthening its presence in regulated markets and providing advanced trading tools for its clients.
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