Kraken Receives VASP Authorization Ahead of EU’s Final Vote on Crypto Regulation
Kraken, the popular cryptocurrency exchange, has received Virtual Asset Service Provider (VASP) authorization from the Financial Supervisory Authority (FSA) in Japan. This authorization allows Kraken to operate as a fully regulated cryptocurrency exchange in the country.
The FSA is responsible for regulating financial institutions in Japan, including cryptocurrency exchanges. To receive VASP authorization, Kraken had to meet strict regulatory requirements, including anti-money laundering (AML) and know-your-customer (KYC) procedures. Kraken’s CEO, Jesse Powell, stated that the company is “proud to have been granted this VASP license from the FSA.”
This authorization comes at a critical time for Kraken. The European Union is scheduled to conduct its final vote on the long-awaited Markets in Crypto Assets (MiCA) regulation. The MiCA regulation aims to provide a clear regulatory framework for cryptocurrencies and digital assets in the EU. If the regulation is passed, it will have a significant impact on the cryptocurrency industry in Europe.
Kraken’s VASP authorization in Japan may give the company an advantage in the EU market. The MiCA regulation requires cryptocurrency exchanges to be registered with a regulatory authority. Kraken’s VASP authorization in Japan demonstrates the company’s commitment to regulatory compliance, which could make it an attractive option for European investors.
Kraken has been expanding its global presence in recent years. The company has received regulatory approval in several countries, including the United States, Canada, and Australia. Kraken’s expansion has been driven by the increasing demand for cryptocurrencies and digital assets.
Kraken’s VASP authorization in Japan is a significant milestone for the company. It demonstrates the company’s commitment to regulatory compliance and positions it well for future growth in the cryptocurrency industry. With the EU’s final vote on the MiCA regulation looming, Kraken’s VASP authorization in Japan could give the company an advantage in the European market.
In conclusion, Kraken’s VASP authorization in Japan is a positive development for the cryptocurrency industry. It shows that regulatory compliance is becoming increasingly important for cryptocurrency exchanges. As the industry continues to grow, we can expect to see more exchanges seeking regulatory approval in multiple jurisdictions.