Kraken has officially secured an Electronic Money Institution (EMI) license from the United Kingdom’s Financial Conduct Authority (FCA), according to an announcement on the company’s blog.
This authorization marks a significant step forward in Kraken’s UK growth strategy, enabling the firm to issue electronic money and facilitate faster client deposits and withdrawals.
The FCA approval comes when crypto adoption in the UK is surging. According to FCA research, more than seven million UK adults, equivalent to 12% of the adult population, currently hold crypto assets. This growing enthusiasm for digital currencies underscores the importance of Kraken’s strategic move, which is expected to bolster the company’s market position by enabling more streamlined transactions and fostering potential partnerships with traditional financial institutions.
Commenting on the development, Kraken’s UK General Manager, Bivu Das, described the license acquisition as a foundational step in the company’s expansion strategy. He emphasized that the platform is well-positioned to meet the increasing demand for crypto-powered financial solutions, stating, “The UK is on the brink of mass crypto adoption, and Kraken is poised to lead the way with industry-leading products.” He added that the EMI license would unlock new opportunities to deliver innovative services tailored to UK investors and consumers.
This latest milestone follows Kraken’s recent success in securing a Markets in Financial Instruments Directive (MiFID) license within the European Union. The MiFID license enhances Kraken’s ability to offer regulated derivatives to advanced crypto traders, reinforcing its presence in the European market, per the announcement.
Notably, Kraken plans to re-enter the Indian market after being banned in early 2024 for non-compliance with anti-money laundering regulations. To support this initiative, the company has appointed Vishesh Khurana, co-founder of Shiprocket, as an advisor to lead local operations. This move demonstrates Kraken’s commitment to working with Indian regulators and securing compliance licenses.
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