This past February 8th Kraken Exchange announced their new VASP registration. Being this the fourth the exchange gets aligned with their European growth plan.
Netherlands is growing in the technological consumption aspect. It's calculated that 20% of the Europeans that own crypto are Dutch. That ranks as one of the main reasons to do business in this country.
The sentiment about crypto in Europe seems to be optimistic and Netherlands is leading in this área.
VASP Registration
This is a term on crypto that defines the necessary Virtual Assets Service Providers. They are the bridge between different assets from different blockchains and fiat.
Virtual asset service providers (VASPs) are entities that carry out exchanges between different forms of virtual assets or between virtual assets and fiat currencies. A VASP may also transfer virtual assets, administer them, or oversee their sale by an issuer’s office. Source
The importance of a VASP registrations comes from the need to legally convert assets into fiat, or move them around in a trusted way, specially when it's massive volumes and institutions are involved. Fiat usually requires a bank, unless the exchange is done in cash (not very common) and banks require information on the origin of the funds. Even when crypto can be managed in a anonymous way, once we require the fiat, we need to prove the ownership of the funds and the bank account. VASP help in the middle.
Kraken and the Dutch VASP registration
As they announced on their official website, Kraken has secured the VASP registration from the Dutch Central Banck (DNB), opening the Dutch market, which Kraken considers incredibly relevant for their European growth strategy. They have shown their commitment with development on the Netherlands with the Acquisition of the Dutch crypto broker BCM.
Kraken aims to growth their product offering to their clients. Currently, they grant access to more than 200 crypto assets. The reactions to the news have been favorable, many users are content with an Exchange betting in the Netherlands after others left.
Hope you liked it, until the next time
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