KANALCOIN NEWS – Strengthening its foothold in Europe, cryptocurrency exchange Kraken revealed plans to acquire a Netherlands-based crypto exchange. And the Coin Meester BV (BCM) exchange is one of the oldest exchanges in the Netherlands and has been running for almost six years.
Expansion of Services in Europe
Kraken CEO David Ripley, in his recent statement, Kraken announced to expand its services in Europe to be stronger. The reason for making this acquisition is that there is a talent for the rapid growth of the Dutch economy and a talent for innovation
“The Netherlands is one of the most advanced economies in the world, with an established culture of innovation and high levels of crypto adoption. This makes it a key market for us in our European expansion plans.” Definitely David Ripley.
Meanwhile, many are highlighting Kraken regarding its recent regulatory approvals for Virtual Asset Service Providers (VASP) in Ireland, Italy and Spain. The exchange has an optimistic view of its prospects for further approvals on the continent in the near future.
This is because according to the latest economic data from the world economic forum, the Netherlands has a fairly good economic level. Ranked 6th out of 50 other European countries. It could have a percentage of its population invested in cryptocurrency.
“We are actively pursuing registration in other European markets.” David added
Development of the Crypto Industry in the European Market
Kraken has not disclosed the selling price of BCM. The contract is still awaiting finalization as both parties still need to reach an agreement on certain terms.
“Completion of the proposed acquisition is subject to customary closing conditions, including obtaining necessary regulatory approvals. Financial details of the transaction were not disclosed.” David said.
Even though it is trying to continue developing its products in Europe, in fact Kraken is still facing legal problems in Australia. Regarding product margin trading. On September 21, reports revealed that the Australian Securities and Exchange Commission (ASIC) had sued Bit Trade, Kraken’s provider to Australian customers.
This means, according to ASIC, Kraken failed to determine its target market before launching its product.
This has caused all regulatory holders in Europe to agree to strengthen regulations related to crypto. On May 16, 27 European finance ministers voted in favor of the Markets in Crypto Assets (MiCA) law. As a sign that they have the intention to carry out their agreement.
The agreement contains various regulations related to crypto. Mainly to address tax-related loopholes in the crypto industry and is scheduled to be implemented in July 2024.
Meanwhile, E-Toro has reportedly registered as a Crypto Asset Service Provider (CASP) with the Cyprus Securities and Exchange Commission (CySEC). And BeInCrypto recently reported that the e-Toro crypto and stock trading platform was officially accepted in the European Union.
Europe recently debuted its first Bitcoin ETF on Amsterdam’s Euronext stock exchange. Meanwhile, the United States is still struggling in its efforts to launch a Bitcoin ETF.
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