Kraken Acquires Coin Meester: A Strategic Move in the Dutch Market
Kraken has officially announced its acquisition of Coin Meester (BCM), one of the oldest registered cryptocurrency brokers in the Netherlands, as detailed in a statement released on September 24. This strategic acquisition is set to enhance Kraken’s position in the Dutch market.
Expansion of Business Reach
In addition to strengthening its presence in the Netherlands, Kraken’s acquisition of BCM is part of a broader strategy to expand its business through virtual asset service provider (VASP) licenses in countries like France and Poland.
Insight from Leadership
Brian Grahan, the managing director for Kraken in Europe, shared insights about the acquisition, stating:
“We are among a select few in Europe that can merge global capability with compliant offerings and an exceptional client experience. This empowers our clients with top-notch trading and investing opportunities, enabling them to maximize the potential of cryptocurrencies.”
Regulatory Credentials
Kraken secured its VASP registration from the Dutch Central Bank (DNB) back in February, demonstrating its commitment to operating within the regulatory frameworks of the region.
Seizing Opportunities Amid Regulatory Changes
The timing of this acquisition is particularly significant as the European Union’s Markets in Crypto-Assets Regulation (MiCA) will take effect in December. MiCA aims to foster a regulated digital asset ecosystem that protects users while also encouraging innovation.
Benefits of MiCA Implementation
This new regulatory framework is expected to streamline operations across EU member states, simplifying the navigation of regulations under a cohesive system for businesses.
Kraken’s Broader European Strategy
To align with these regulatory advancements, Kraken has been actively expanding its operations across Europe over the past two years. Currently, the company offers regulated VASP services either directly or through partnerships in various countries, including:
- Germany
- Spain
- Italy
- Belgium
- Ireland
- France
- Poland
- The Netherlands
Brian Grahan emphasized that this acquisition marks a significant achievement in Kraken’s European expansion strategy, stating:
“The completion of the BCM acquisition is a vital milestone in our European expansion, enabling us to amplify our market presence and liquidity in euro trading, ultimately aiming to increase our market share in the coming years.”
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