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Cryptocurrency exchange Kraken was recently licensed to operate in the Netherlands.
Obtaining the provider license is part of Kraken’s plans to expand its presence in Europe. Kraken will aim to grow in the Dutch market after acquiring Dutch cryptocurrency broker BCM in October last year and being registered as a virtual asset service provider (VASP) by the Dutch Central Bank.
“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate,” said Brian Gahan, Kraken’s Managing Director for Europe. “We see many opportunities to introduce our services to private customers and professional traders in the Netherlands and across Europe.”
The Netherlands offers a promising market for Kraken, with around 20% of the population owning cryptocurrencies. Kraken’s move is in line with the company’s goal to capitalize on Europe’s high fintech adoption rate.
Despite facing a lawsuit from the U.S. Securities and Exchange Commission for operating without proper registration, Kraken maintains that the lawsuit has not affected its business operations.
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