DNB Greenlights Kraken with VASP Registration: Opens Doors to Dutch Market

Thursday, 08/02/2024 | 16:18 GMT by Tareq Sikder

The acquisition of BCM in October highlights the importance of the Dutch market.

Approximately 20% of Dutch citizens hold digital assets, among the highest rates in Europe.

Kraken has achieved a milestone in its European growth strategy with the acquisition of a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB). This registration paves the way for Kraken to expand its operations into the Dutch market.

Kraken's European Growth Soars with Dutch Market Opportunities

Brian Gahan, the Managing Director of Europe for Kraken, expressed enthusiasm about the company's accelerated European growth strategy, emphasizing the opportunities presented by the Dutch market. Gahan stated: "With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate. We see a lot of opportunity to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe."

The Netherlands stands out as a strategically vital market due to its vibrant startup ecosystem, robust financial services industry, and high fintech adoption rate among developed economies. Moreover, the country boasts one of the highest rates of cryptocurrency adoption in Europe, with approximately 20% of Dutch citizens holding digital assets.

Kraken's recognition of the Netherlands' significance is further underscored by its proposed acquisition of Dutch crypto broker BCM, announced in October 2023. This move signals Kraken's proactive approach to leveraging the country's crypto-friendly environment and facilitating its long-term growth objectives in Europe.

Strategic Response to EU Crypto Regulations

In anticipation of the impending implementation of the EU's Markets in Crypto-Assets regulatory framework, Kraken has intensified its investment in the region's crypto industry growth. The evolving European landscape, characterized by fragmentation and heightened competition, is expected to drive consolidation, positioning Kraken strategically amidst changing regulatory dynamics.

Notably, Kraken has secured registrations in other key European markets such as Spain, Italy, and Ireland, with ongoing efforts to penetrate additional territories. Kraken's attainment of the VASP registration from the Dutch Central Bank underscores its commitment to regulatory compliance and its position as a leading player in the European crypto market.