Kraken Secures MiCA License from Ireland, Expands EU Crypto Reach

Kraken has obtained a regulatory license under the European Union’s Markets in Crypto-Assets (MiCA) framework, the company announced on Wednesday. The license, issued by the Central Bank of Ireland, authorizes Kraken to offer crypto services across all 27 EU member states and three additional EEA countries.

“Securing a license from the Central Bank of Ireland… [is] a powerful signal of Kraken’s commitment to expanding the crypto ecosystem through responsible innovation,” said Arjun Sethi, co-CEO of Kraken, in a statement.

“Being the first major global crypto platform to receive authorization from the CBI affirms Kraken’s commitment to building for the long term,” he continued. “This license reflects that effort and places us in a strong position to expand our product offering, grow our institutional and retail client base, and deliver secure, accessible, and fully regulated crypto services to millions more people across the EU.”

According to Kraken, the euro now makes up 17.5% of global fiat spot crypto trading volume—more than twice the share it held a year ago.

Growing Focus on Europe

Kraken’s approval closely follows Coinbase’s recent announcement that it had secured a similar license in Luxembourg, reflecting the increasing urgency among major crypto exchanges to align with MiCA ahead of its full implementation.

MiCA, which has been fully in force since late last year, provides a unified regulatory framework for crypto asset service providers (CASPs) throughout the EU. However, recent discussions have raised concerns about the passporting system, which allows firms licensed in one EU country to operate across the entire bloc without obtaining separate approvals in each jurisdiction.

Some regulators and industry figures caution that this could incentivize companies to register in countries with more lenient regulatory environments and then expand broadly—an issue seen in other sectors as well.

Peter Curk, CEO of UK-based crypto platform ICONOMI, previously warned that such a model could result in a “race to the bottom” in enforcement standards.

In response to such concerns, the European Securities and Markets Authority (ESMA) is currently assessing Malta’s licensing practices and is expected to publish a report on its findings.

Kraken already holds Virtual Asset Service Provider (VASP) registrations in several EU nations, including Ireland, Belgium, France, Italy, the Netherlands, Poland, and Spain.