Kraken expands its European footprint by acquiring Dutch crypto broker Coin Meester.
Global crypto exchange Kraken has acquired Coin Meester (BCM), the oldest crypto broker in the Netherlands. This deal expands the exchange’s operations in the European market as the EU’s Markets in Crypto Assets (MiCA) regulation is being enforced in phases to take effect fully on December 30.
Brian Gahan, Kraken’s Managing Director for Europe, said in an announcement, “The completion of the BCM acquisition is a key milestone in our European expansion, allowing us to leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share in the years ahead.”
Kraken already operates in numerous European countries, including Belgium, Ireland, Italy, and Spain. It has actively accelerated its European expansion over the past two years, preparing for MiCA’s deployment. The EU is set to take on a new form for crypto-related developments and adoption, with the regulation kicking in soon.
Regarding the difference Kraken can bring in the bloc, Gahan mentioned, “We are one of the very few in Europe that can combine global scale with a compliant offering and a superior client experience,” adding, “Our clients stand to benefit as we empower them with the premium trading and investing experiences needed to unlock crypto’s full potential.”
Circle Became the First MiCA-Compliant Stablecoin Issuer in July
With MiCA taking shape, many crypto firms are rushing to get their licenses in European countries. Receiving a license in any one country from the bloc allows firms to operate across it. To that end, Circle received an Electronic Money Institution (EMI) license in France in July.
Stablecoin issuers have it harder than most, as they are met with strict caps if their USD-pegged assets exceed the limits. Circle’s registration in France will allow it to offer its Euro-backed stablecoin, EURC. Furthermore, the firm became the first stablecoin issuer to comply with MiCA.
