Kraken has become the first cryptocurrency exchange to secure a Markets in Crypto-Assets (MiCA) licence from Ireland’s central bank. This landmark approval allows the company to operate across all 30 European Economic Area (EEA) countries under a single regulatory framework.
Expanding Crypto Services Across the EU
With the MiCA licence, Kraken can now offer a broader range of services, including spot trading, crypto derivatives, and payment solutions for both retail and institutional clients. While Kraken already holds Virtual Asset Service Provider (VASP) licences in multiple EU countries—such as France, Italy, Belgium, and the Netherlands—this new approval streamlines operations and enhances market access.
A Strong Commitment to Compliance
Arjun Sethi, Kraken’s co-CEO, highlighted the significance of this achievement. “This isn’t just a regulatory milestone—it’s the result of years of effort to meet Ireland’s high standards,” he said. He added that the licence strengthens Kraken’s ability to serve EU customers while fostering responsible crypto innovation.
A Win for Ireland’s Crypto Reputation
Kraken’s approval comes at a pivotal time. Recently, Coinbase and Gemini moved their European headquarters out of Ireland, citing regulatory hurdles. Coinbase relocated to Luxembourg, while Gemini chose Malta. These exits followed criticism from Central Bank Governor Gabriel Makhlouf, who called unregulated crypto a “Ponzi scheme” and vowed tighter oversight.
Restoring Trust in Ireland’s Crypto Market
Kraken’s success sends a clear signal: Ireland remains a key player in European crypto regulation when innovation aligns with compliance. By securing the MiCA licence, Kraken not only gains regulatory clarity but also sets a new benchmark for secure and scalable crypto operations in the region.
This development could renew investor and industry confidence in Ireland’s crypto ecosystem—especially at a time when regulatory certainty is crucial.