Kraken, a major cryptocurrency exchange, has made a significant move to boost its presence in Europe. The company announced its acquisition of Coin Meester (BCM), one of the oldest registered crypto broker firms in the Netherlands.
Kraken Expanding in the Netherlands
This deal gives Kraken a stronger foothold in the Dutch market. It also allows Kraken to operate as a registered virtual asset service provider (VASP) in both France and Poland.
Brian Grahan, Kraken’s managing director for Europe, shared his excitement about the acquisition on September 24, stating:
“We are among the few in Europe offering both global scale and a compliant platform. Our clients will benefit from premium trading and investing experiences as they explore the full potential of crypto.”
Preparing for New Regulations
This acquisition comes as the European crypto industry prepares for the full implementation of the Markets in Crypto-Assets (MiCA) bill. The MiCA framework, set to take effect on December 30, will be the first comprehensive regulatory system for digital assets in Europe. Kraken has been gearing up for this regulatory shift, speeding up its expansion efforts in Europe over the past two years.
Kraken’s presence in Europe now extends to countries like Germany, Spain, Italy, Belgium, Ireland, and the Netherlands, either through direct services or partnerships. As competition grows in the fragmented European market, Kraken sees this as a chance to strengthen its market share.
Brian Grahan added:
“The acquisition of BCM is a key step in our European growth, allowing us to leverage our strong position in euro volume and liquidity to expand further in the coming years.”
MiCA Attracting Other Crypto Giants
The upcoming MiCA regulations have caught the attention of other top crypto companies. Coinbase, for example, selected Ireland as its European base in October 2023. This move positioned Coinbase to start preparing for the new framework ahead of MiCA’s full implementation.
As the new regulations come into play, Kraken and other firms are well-positioned to capitalize on the changing landscape of the European crypto market.
