Cryptocurrency exchange Kraken expands in Europe with MiCA license
Date: 2025-06-27 Author: Gabriel Deangelo Categories: BUSINESS
The move gives the company access to markets in 30 countries where uniform rules apply under the MiCA regulation, which came into force in 2024.
Kraken already had the status of an electronic payment institution and a license issued under MiFID. The new license allows it to officially offer services for the storage, exchange and trading of digital assets throughout the EU. According to Kraken co-CEO Arjun Sethi, the company's key priority remains user trust, which can only be achieved by strictly complying with regulatory requirements.
Kraken is not the only platform strengthening its position in Europe. Since the beginning of 2025, such major players as Coinbase, OKX, Crypto.com and Bybit have also announced that they have received a MiCA license. According to media reports, Gemini is in the final stages of obtaining a similar permit in Malta. Thus, the world's largest crypto exchanges are trying to adapt to the new legal realities in a timely manner so as not to lose market share.
However, not all companies are ready to work under the new rules. For example, Tether decided not to register under MiCA, which has already led to restrictions on trading the USDT stablecoin on some platforms. Tether CEO Paolo Ardoino believes that MiCA requirements are potentially dangerous for stablecoins. Particular dissatisfaction is caused by the rule that 60% of reserves must be kept in European banks in the form of security deposits. According to Ardoino, this can lead to risks for the stability of digital assets.
It is worth recalling that earlier the German regulator BaFin limited the release of the USDe stablecoin from Ethena, citing non-compliance with the provisions of MiCA. This once again highlights how the new regulations are gradually tightening control over the industry and forcing companies to choose between compliance and finding alternative jurisdictions.
Overall, obtaining a MiCA license was an important step for Kraken in strengthening its position in the European market. In the context of growing competition among crypto exchanges, compliance with European standards can become a significant competitive advantage. It is expected that other platforms will seek similar permits to maintain the ability to provide services to EU clients without the risk of blocking or restrictions.
