Kraken, a prominent cryptocurrency exchange, has achieved another milestone in its European expansion strategy by securing a license to offer services in the Netherlands. The company received notification of its Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB), marking a significant step forward in its mission to establish a strong foothold in the Dutch market.
This announcement comes on the heels of Kraken's acquisition of the Dutch crypto broker BCM last October, a strategic move aimed at bolstering its presence in the Netherlands. The country's dynamic startup ecosystem, robust financial services industry, and high adoption rate of fintech and cryptocurrency make it a compelling market for Kraken's expansion efforts.
This registration enables Kraken to offer its cutting-edge products and services to clients in the Netherlands, in compliance with European regulations. With previous registrations secured in Spain, Italy, and Ireland, Kraken is actively pursuing opportunities to penetrate other European markets.
Brian Gahan, Managing Director Europe for Kraken, expressed enthusiasm about the expansion, stating, “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.”
The Netherlands boasts a thriving startup and technology sector, along with a robust financial services industry, making it an attractive market for Kraken's expansion efforts. Additionally, with approximately 20% of Dutch citizens owning cryptocurrency, the country exhibits one of the highest crypto adoption rates in Europe.
Despite legal challenges in the U.S., including a lawsuit filed by the Securities and Exchange Commission (SEC) alleging unregistered trading operations, Kraken remains focused on its global expansion initiatives. The company has emphasized that its business operations have not been impacted by the lawsuit, underscoring its resilience and determination to navigate regulatory hurdles while pursuing strategic growth opportunities.
Recognizing the fragmented nature of the European landscape and the potential for consolidation, Kraken aims to leverage its financial resources and operational capabilities to increase its market share. The exchange prides itself on offering client's access to over 200 digital assets, unparalleled liquidity, robust security measures, and round-the-clock client support.
As Kraken continues to advance its European expansion efforts, the acquisition of the Dutch license represents a significant achievement, paving the way for enhanced accessibility and service offerings for cryptocurrency enthusiasts and traders in the Netherlands and beyond.