Netherlands-based Cryptocurrency exchange Coin Meester B.V. (BCM) was acquired by USA-based exchange Kraken. At present financial details of the deal have not been disclosed. The upcoming acquisition was announced by Kraken and BCM following the implementation of their Markets for Crypto Assets (MiCA) regulatory framework by the European Union. After obtaining the Virtual Assets Service Provider licence to operate in Ireland, Italy and Spain.deal announced by Kraken points to plans to expand its business across Europe.
According to a statement by CEO David Ripley from Kraken, the strength of the Netherlands' economy highlights the driving factors behind the high level of cryptocurrency adoption and culture of innovation to establish a base of operations in the country. Kraken is planning to expand into Europe, recently receiving an Electronic Money Institution (EMI) licence from Ireland. The EMI licence allows Kraken to develop Euro-to-Crypto trading services in 27 European countries and countries in the European Ecosystem Area. Kraken received Virtual Assets Provider (VASP) registration from the Bank of Spain, which will help Kraken to provide exchange and wallet custodial services to the citizens of Spain along with this. Kraken is working on building a strong foundation for Crypto in Europe and this also includes Crypto regulation. This will help Kraken to stand strongly in Europe.
According to a report released on February 8, Kraken was being investigated by the SEC and this investigation was related to some offers provided by Kraken to American customers. When CEO of Kraken David Ripley was contacted about this, he argued that Kraken did not see a need to register as an exchange with the SEC because Kraken offers securities and is not a token. So we didn't feel there was a reason to register it with the SEC. Perhaps this is the reason why Kraken now wants to expand its exchange in Europe and has started taking steps for this.
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