Kraken’s Payward Europe Solutions Becomes Registered Virtual Asset Service Provider in Ireland

04/19/2023 10:34 • Digital Disruptors • 102 views

According to reports, the US cryptocurrency exchange Kraken has registered a subsidiary of Payward Europe Solutions as a virtual asset service provider (VASP) with the Central Bank of Ireland. Kraken, through its subsidiary, became the third US encryption platform approved to operate in EU countries. The exchange Gemini and Coinbase were authorized as VASP in July 2022 and December 2022, respectively.

Kraken obtained Irish license to become a virtual asset service provider

Cryptocurrencies have taken the world by storm, and their popularity is continuously on the rise. The decentralization of finances has introduced several additional service providers in the market, including several cryptocurrency exchanges. Kraken, a US-based cryptocurrency exchange, is one of the most recognized and trusted exchanges in the world. According to recent reports, Kraken’s subsidiary Payward Europe Solutions has been registered as a virtual asset service provider (VASP) with the Central Bank of Ireland.

Kraken’s Expansion to the EU

Kraken has been expanding its services to various regions worldwide, and the move into the EU has been a long-term goal. With Payward Europe Solutions’ registration as a VASP, the company has become the third US encryption platform authorized to operate in EU countries. The two other US-based exchanges that have acquired VASP status to operate in Europe are Coinbase and Gemini, authorized in July 2022 and December 2022, respectively.

Advantages of VASP Registration

VASP registration brings numerous benefits to cryptocurrency exchanges, including increased trust and transparency for their customers. The registration ensures user protection against money laundering, terrorist financing, and other criminal activities. In addition, VASP registration enhances the credibility of the exchange, a crucial factor for any company in the finance industry.

Kraken’s Commitment to Security and Transparency

Kraken has continuously demonstrated its commitment to security and transparency. The company has made headlines several times, and it’s not just for its trading volumes but for its security measures too. Its platform has a robust security system that uses encryption and multi-factor authentication, ensuring users’ funds and data remain safe. In addition, the exchange has regularly undergone independent audits to check that it’s adhering to prescribed guidelines and regulations.

Conclusion

In conclusion, Kraken’s subsidiary Payward Europe Solutions has been registered as a virtual asset service provider with the Central Bank of Ireland, marking the company’s entrance into the European market. The VASP registration highlights Kraken’s commitment to transparency, user protection, and credibility. It’s an excellent step forward towards the decentralization of finance and the adoption of cryptocurrencies into the mainstream economy.

FAQs

1. Why is VASP registration essential for cryptocurrency exchanges?
VASP registration ensures user protection against money laundering, terrorist financing, and other criminal activities. It also increases credibility and trust for the company.
2. What is Kraken’s security system?
Kraken’s platform has a robust security system that uses encryption and multi-factor authentication, ensuring the safety of user data and funds.
3. What other US-based exchanges have been authorized as VASP in the EU?
Gemini and Coinbase have also been authorized as virtual asset service providers in the EU.

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