The U.S based crypto exchange Kraken is looking for European expansion. However, the legal jurisdictions regarding the territory include countries like Malta, Luxembourg, and Ireland. The company’s plan for the fourth quarter of financial year 20201 is a further expansion to other European countries as well. Kraken, one of the biggest crypto exchanges of the U.S is looking for worldwide expansion including the European market as well.
Kraken is following the lead of its one the biggest rival exchange Coinbase. The company’s CEO, Jesse Powell said that Kraken is constantly working in the mission to obtain the license from the European authorities. In the initial phase, the company will focus on exploring the local jurisdictions regarding territorial regulations.
On Tuesday, during an interview with German business news agency The Handelsblatt, Kraken CEO, Powell said that Kraken is not just negotiating with the domestic regulatory authorities but also working countries like Malta, Luxembourg, and Ireland. These territories hold integral importance for the company.
The fact of the matter is that Kraken is initiating this whole plan to keep up with the pace of any very popular crypto exchange and competitor Coinbase. The CEO has further said that currently, the company has not finalized any decision regarding its expansion. However, key development has been made during the negotiations with the officials of this country. Despite the fact of the company’s efforts about expansion are pretty new, but the fact is that Kraken has previously operated in Europe via its mobile app.
. One of the world’s biggest crypto exchanges, Kraken presently operates in nearly a hundred ninety jurisdictions around the world, a spokesperson for Kraken advised Cointelegraph. “We presently provide get admission to tour European clients thru our UK FCA registered entity and follow the applicable 5AMLD requirements. We are actively exploring a couple of alternatives to stay compliant both now and within the future, along with actively running to obtain various European licenses,” the representative stated.
The biggest reason that crypto companies and exchanges are looking forward to entering Europe is that Europe has the most favorable crypto regulation policies. Countries Germany and Sweden considering as crypto heaven. The CEO said that Kraken has not decided which countries they want to operate in Europe. However, the ambition to obtain the license is real. The company is currently working on the ambition. The news that Kraken is looking forward to expanding into Europe comes shortly after Coinbase, a major U.S crypto exchange, received the license from the German Federal Financial Supervisory Authority back in the month of June.