The acquisition of the crypto firm has enabled Kraken to make its mark on the Dutch market.
Kraken Expands can now serve as a virtual asset service provider (VASP) in countries like Poland and France.
Meanwhile, leading banks across the European Union are entering into the crypto space in anticipation of MiCA regulation.
Kraken Expands Ahead of MiCA Bill Implementation.
Kraken cryptocurrency exchange has acquired Coin Meester (BCM).
The exchange acquisition is in its bid to expand across the crypto European market.
Moreover, Coin Meester is one of the oldest crypto broker firms in the Netherlands.
Meanwhile, Kraken plan to expand across the European market has been in full gear for two years.
This move is in anticipation of a supposed MiCA regulation in 2024.
The exchange acquisition comes ahead of implementing the bill on the Market in Crypto Assets (MiCA) on December 30, 2024.
As a result of the acquisition of Coin Meester, Kraken can directly offer virtual asset services in countries like Germany, Italy, and Ireland.
Also, clients in Poland, France, Italy, and the Netherlands can access Kraken VASP services.
The MD of Kraken, Brian Grahan on September 24, 2024, said, the company is among the few that can combine great customer experience with good offerings.
He added that clients stand to gain a lot from Kraken’s acquisition of Coin Meester.
The MD noted that there is great competition in the European market. He added that expanding into the Netherlands will expand the exchange market share.
Brian Grahan stated that Kraken’s new acquisition will provide premium trading opportunities to clients.
He added that clients will experience the full potential of the crypto market.
Moreover, the forthcoming Markets in Crypto Assets Regulation (MiCA) makes Europe the first jurisdiction with a comprehensive legal framework on crypto.
MiCA Regulation Poses Expansion in European Union Crypto Market
The MiCA bill will provide a holistic framework for trading across the crypto industry.
Additionally, the bill seeks to protect investors’ crypto assets and misuse.
The bill framework also aims to provide legal clarity to crypto asset holders.
Moreover, the full implementation of MiCA regulation will increase innovation in the crypto industry.
The bill enables compliance with the Anti-Money Laundering and Counter-Terrorist Financing regulations.
Furthermore, more financial institutions are likely to enter into the crypto industry with the implementation of the MiCA bill.
Some European banks are already venturing into crypto assets in anticipation of the MiCA bill.
Compliance Experts believe that the MiCA bill will be favorable in regulating crypto assets.
Leading crypto firms have become sensitive to the implementation of the MiCA regulations.
Coinbase in preparation for the implementation of MiCA regulation chose Ireland as its European base on October 2023.
The move allowed Coinbase to set up outlets across the European Union.
Moreover, Coinbase exchange is the second-biggest centralized cryptocurrency exchange (CEX) based on trading volume.
On the other hand, Kraken cryptocurrency is in the sixth position according to data.