Why Has Kraken Chosen to Obtain a License in the Netherlands?

Kraken, a leading platform for digital currency exchange, has been granted a Virtual Asset Service Provider (VASP) license by the Dutch Central Bank (DCB) in the Netherlands.

This development is a positive sign for Europe’s cryptocurrency sector, which is flourishing due to increased regulatory transparency in the region.

Kraken Achieves Licensing Milestone in the Netherlands

In an official communication, Kraken emphasized that this registration amplifies their expansion within Europe.

“Securing the Dutch VASP registration marks a significant step forward in our European expansion strategy.”

Kraken notes that the Netherlands is known for its vibrant technology ecosystem, a strong financial services sector, and the leading rate of fintech usage among developed nations.

The country is also a frontrunner in Europe regarding cryptocurrency engagement, with around 20% of Dutch residents possessing cryptocurrencies.

Kraken’s affairs in the Netherlands are not a new endeavor.

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In October 2023, BeInCrypto reported Kraken’s intention to acquire a crypto exchange situated in the Netherlands to reinforce its presence in Europe’s market.

Specifically, the target was Coin Meester B.V. (BCM), a veteran exchange in the country that had been in operation for nearly six years.

Kraken’s CEO David Ripley cited the Netherlands’ proactive economy and innovative capacity as the main attractions for the acquisition:

“The Netherlands prides itself on a highly advanced economy, a culture of innovation, and substantial cryptocurrency adoption rates. These factors position it as a strategic target for Kraken’s plans to expand within Europe.”

Projections by Statista suggest that European cryptocurrency revenues could hit $18.5 billion by 2028.

Surging Optimistic Sentiment for Cryptocurrencies Across Europe

A recent study by Binance indicates a shift towards a more positive view of cryptocurrencies throughout Europe.

An analysis issued by Binance involved holding discussions with individuals from four European nations: France, Italy, Spain, and Sweden.

“Binance’s latest survey uncovers that an impressive 73% of Europeans are confident about the future prospects of digital currencies!”

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The report also indicates that 55% of respondents use cryptocurrencies for regular transactions, with a tenth executing weekly purchases with digital currencies.