Kraken’s Irish Subsidiary Receives Virtual Asset Service Provider (VASP) Authorization

04/19/2023 21:19 • Blockchain Buzz • 122 views

According to reports, Kraken’s Irish subsidiary Payward Europe Solutions, registered in Dublin, has been authorized by the Virtual Asset Service Provider (VASP) of the Central Bank of Ireland.

Kraken is authorized as an Irish virtual asset service provider

Kraken, a leading cryptocurrency exchange platform, recently announced that its Irish subsidiary, Payward Europe Solutions, has been granted authorization by the Virtual Asset Service Provider (VASP) of the Central Bank of Ireland. This new development is expected to boost Kraken’s expansion plans in Europe and help it become a top player in the global cryptocurrency market.

Introduction

Cryptocurrencies have gained significant momentum in recent years, with more and more people investing in digital assets. As the demand for cryptocurrencies increases, it is essential for crypto exchanges to gain regulatory approval to operate legally. Kraken, one of the world’s leading cryptocurrency exchange platforms, has taken a step towards achieving this goal, with the authorization of its Irish subsidiary by the VASP of the Central Bank of Ireland.

The Importance of VASP Authorization

The VASP authorization is an important step towards legitimacy for crypto exchange platforms, as it ensures that they comply with regulatory standards and guidelines. The Central Bank of Ireland is responsible for ensuring that all VASPs operating in the country meet necessary requirements and maintain a high level of integrity. This means that Kraken’s Irish subsidiary will have to adhere to strict AML/KYC guidelines, as well as implement robust measures to prevent fraud and other illicit activities.

Kraken’s Irish Subsidiary and Expansion Plans

Kraken’s Irish subsidiary, Payward Europe Solutions, has been operating in Dublin since 2018. The VASP authorization will enable the subsidiary to expand its operations and offer a wider range of cryptocurrency services to customers across Europe. This move is expected to boost Kraken’s overall market share and position it among the top players in the global cryptocurrency market.
Kraken’s CEO, Jesse Powell, has expressed his excitement at the news of the subsidiary’s VASP authorization. He stated that “Kraken is committed to operating in a fully regulated and compliant manner, and the authorization of our Irish subsidiary by the VASP is a significant milestone in our expansion plans in Europe.”

Conclusion

Kraken’s Irish subsidiary, Payward Europe Solutions, has been granted authorization by the VASP of the Central Bank of Ireland, marking an important step towards legitimacy for the crypto exchange platform. The subsidiary will now be able to expand its operations and offer a wider range of cryptocurrency services to customers across Europe. This move is expected to boost Kraken’s overall market share and position it as one of the top players in the global cryptocurrency market.

FAQs

1. What is VASP authorization?
VASP authorization is a regulatory approval granted to crypto exchange platforms by the Central Bank of Ireland, which ensures that they comply with regulatory standards and guidelines.
2. How will Kraken’s Irish subsidiary benefit from the VASP authorization?
The VASP authorization will enable Kraken’s Irish subsidiary to expand its operations and offer a wider range of cryptocurrency services to customers across Europe, boosting Kraken’s overall market share and positioning it as one of the top players in the global cryptocurrency market.
3. What is the significance of the VASP authorization for the cryptocurrency industry?
The VASP authorization marks an important step towards legitimacy for the cryptocurrency industry, as it ensures that crypto exchange platforms comply with regulatory guidelines and maintain a high level of integrity.

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