Cryptocurrency exchange Kraken has obtained an Electronic Money Institution (EMI) license from the UK Financial Conduct Authority (FCA), marking a major step in its expansion within the country.
This license enhances fiat and crypto on/off ramps, solidifying Kraken’s position in the UK after years of regulatory hurdles. The FCA estimates that 7.6 million UK adults—around 12% of the population—now own crypto, making the market increasingly significant.
Kraken has been active in the UK since 2019, acquiring Crypto Facilities Ltd., an FCA-approved firm. However, in 2020, the FCA briefly labeled Kraken an “unauthorized firm,” prompting regulatory clarifications. By 2021, Kraken’s UK entity, Payward Ltd., officially registered with the FCA as a cryptoasset business.
Since then, Kraken has navigated multiple FCA regulations, including the 2021 ban on crypto derivatives for retail customers and the 2023 crackdown on crypto marketing incentives.
Now, with the EMI license in hand, Kraken is well-positioned to grow its UK offerings as the country moves forward with new legislative frameworks for crypto, stablecoins, and staking services.
Image Credit: Pixabay
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