Kraken Becomes First Major US Exchange Licensed by Irish Regulator Under MiCA Framework

Kraken Secures EU Licence to Expand Regulated Crypto Services

After Coinbase secured its MiCA licence last week, Kraken has now joined the list of major crypto exchanges gaining approval under the European Union’s Markets in Crypto-Assets (MiCA) regulation.

The San Francisco-based platform announced on Wednesday that it has obtained its MiCA licence from the Central Bank of Ireland, opening doors to regulated operations across all 30 member states of the European Economic Area (EEA).

How Does Kraken’s MiCA Licence Change Its Position in Europe

This regulatory nod from Ireland enables Kraken to scale its services EU-wide, building on earlier approvals under the Markets in Financial Instruments Directive (MiFID) in February and an Electronic Money Institution (EMI) licence granted in 2023.

Arjun Sethi, Kraken’s co-CEO, remarked,

“We believe trust is the most valuable currency in crypto, and it’s something you earn.”

He emphasised that the team worked “tirelessly to meet the [Central Bank of Ireland]’s gold standard regulatory expectations.”

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

The firm has maintained a notable presence in euro-denominated crypto markets since launching the first BTC/EUR trading pair in 2013.

What Does MiCA Mean for Crypto Regulation Across Europe

MiCA, which came into effect in 2024, aims to harmonise digital asset regulations across the European Union, creating a more consistent regulatory environment.

Several major exchanges, such as Coinbase, OKX, Crypto.com, and Bybit, have also secured MiCA-related approvals this year.

Meanwhile, Gemini is reportedly on track for a similar licence in Malta.

Despite this growing adoption, some companies remain reluctant.

For example, Tether, the issuer of the widely used USDT stablecoin, has opted out of MiCA registration, which has prompted certain exchanges to delist the token.

Why Is Kraken Shifting Its Focus to Europe Amid US Regulatory Challenges

Kraken’s MiCA licence comes as the company expands its global strategy.

Just last week, Kraken announced it had relocated its global headquarters to Wyoming, citing the state’s more welcoming regulatory climate for crypto businesses.

While the US continues to debate comprehensive digital asset regulations — including stablecoin frameworks and market structure reforms — Kraken’s European licences give it a foothold in a region moving ahead with clear rules.

Adding to the firm’s relief, the US Securities and Exchange Commission dropped a civil lawsuit against Kraken in March.

The case, filed in 2023, accused the exchange of operating without proper registration as an exchange, broker, dealer, and clearing agency.

How Is Kraken Growing Its Institutional Services While Expanding Globally

Earlier in June, Kraken launched Kraken Prime, a prime brokerage platform aimed at institutional clients.

The platform offers an integrated experience with trading, custody, and financing all accessible via a single interface.

Kraken Prime seeks to rival Coinbase Prime and FalconX by providing deep liquidity, 24/7 client support, and direct trade execution through custody accounts managed by Kraken Financial, a US-chartered bank.

Will MiCA Become the Global Standard for Crypto Regulation

Kraken’s recent success in Ireland highlights how regulatory clarity can accelerate crypto innovation and adoption within established financial systems.

As EU countries advance MiCA enforcement, exchanges gaining these licences position themselves ahead of competitors in providing fully regulated, transparent services.

Yet, the hesitation from key players like Tether suggests that MiCA may not achieve universal acceptance, raising questions about the future interplay between regulation and decentralisation.

Meanwhile, the US remains caught in legislative limbo, potentially ceding ground to regions with clearer crypto frameworks.

The path forward may require balancing robust oversight with flexibility to nurture innovation — a challenge that will test regulators and industry leaders alike as the crypto market matures.