Kraken has emerged as the first major global exchange of securing markets in the Crypto-ASSTS license (MICA) from the Ireland Central Bank. This organizational coup Kraken gives the Golden Ticket to the “passport” of its services in all thirty member states in the European Economic Zone (EA), which represents a pivotal moment in its endeavor to dominate the increasing European digital assets market.
The timing cannot be more convenient, as the trading of the spot from the euro on the platform has been increasing, as it now represents 17.5 % of the total trading volume in Kraken.
The MICA frame, which became fully applied in December 2024, represents the moment of water gatherings in the encryption industry in Europe. It aims to provide a consistent organizational structure, enhance innovation while protecting consumers and investors simultaneously, and combating money laundering and other illegal activities. By achieving this teacher, Kraken not only verified its commitment to organizational compliance, but also gained a great competitive advantage over competitors who are still moving into the complex European organizational environment.
Ergon Sethi, a participant in Kraken, stressed the importance of this achievement, saying, “Being the first major global encryption platform to receive permission from the Central Bank of Iraq confirms the commitment of Krakin to build in the long run.” He emphasized the strict efforts made by the Kraken team to fulfill the “organizational expectations of the Golden Bank” of the Central Bank. This license follows Kraken’s previous successes in securing an EMI license from the Central Bank of Ireland and registration as a virtual asset service provider (VASP) with the Bank of Spain, which increased the consolidation of a foothold in the euro area.
Kraken’s victory reaches amid a wave of activity within the encryption sector, where companies are stood to secure MICA licenses across the various European judicial states. Crypto.com and OKX have licenses in Malta, while Coinbase and Bitstamp were approved by the Luxembourg regulator. Bitpanda, a stock market based in Europe, secured MICA licenses from three countries, including its mother country, Austria. This competitive scene highlights the strategic importance of organizational compliance with access to markets and building confidence with European users.
Mica license allows those holders to work via EEA under a unified framework, which greatly reduces the regulatory burden and facilitate expansion across the border. This “passport” possibility is of special value for KAKEN, which allows it to provide a set of comprehensive services, including the exchange of cryptocurrencies, wallets, and wallet wallet, for a wider audience throughout Europe.
The broader cryptocurrency market also plays a role in forming expectations for exchanges such as Kraken. Bitcoin (BTC), The Belweether of the Crypto Market, showed a strong performance, exceeding $ 107,000 and reflecting the renewed investor confidence. This positive feeling may lead to an increase in trading activity on KAKEN and other stock exchanges, which leads to the growth of revenues and perhaps increasing assessments.