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  • Writer's pictureJamal Saafir

Kraken Takes A Bigger Slice Of European Pie

Updated: Oct 19, 2023

Kraken, the world’s third-largest cryptocurrency exchange by volume, is extending its reach further into Europe.

According to a report from BeInCrypto, Kraken has disclosed its plan to purchase a Netherlands-based cryptocurrency exchange, seeking to strengthen its position in the European market.

Coin Meester B.V. (BCM) is one of the Netherlands’ longest-running exchanges and has been operating for nearly six years.

In a recent statement, Kraken announced major developments and its focus on expansion into Europe.

Kraken CEO David Ripley referenced the Netherlands’ quickly increasing economy and its knack for innovation as the basis for their interest in the purchase:

“The Netherlands has one of the world’s most advanced economies, with a well-established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans.”

Kraken pointed to its recent regulatory approvals for Virtual Asset Service Providers (VASPs) in Ireland, Italy, and Spain. The company has a positive stance in regards to its likelihood of acquiring more approvals on the continent in the near future.

“We are actively pursuing registrations in other European markets.”

According to recent data from the World Economic Forum, the Netherlands is tied for the 6th position out of the 50 European countries regarding the percentage of its population taking financial interest in and investing in crypto.

The agreement is still pending finalization as both parties still need to agree on certain conditions. Kraken has not yet revealed the sale price for BCM.

“Completion of the proposed acquisition is subject to customary closing conditions, including obtaining the required regulatory approvals. Financial details of

the transaction weren’t disclosed.”

The European landscape for crypto is evolving.

On May 16th, 27 European finance ministers voted in favor of the Markets in Crypto-Assets (MiCA) legislation, gesturing their plans for approval.

These rules greatly seek to address tax-related loopholes in the crypto industry and are set for execution in July 2024.

In further European crypto development, crypto and stock trading platform eToro has acquired regulatory approval in the European Union. eToro has reportedly registered as a Crypto Assets Service Provider (CASP) with the Cyprus Securities and Exchange Commission (CySEC).

While the United States has been met with difficulty in its efforts to launch Bitcoin ETFs, Europe recently debuted its first Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam stock exchange.

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