US-Based Crypto Exchange, Kraken Targets European License in 2021

The United States-based crypto exchange and bank Kraken targets European license in 2021.

US-Based Crypto Exchange, Kraken Targets European License in 2021
Kraken Crypto Exchange | Optimisus

Kraken co-founder and CEO Jesse Powell announced that his firm is working on obtaining a European license.

Based on the statement, the crypto exchange is targeting many local authorities for potential regulatory approval this year. More so, the potential jurisdictions include Malta, Luxembourg, and Ireland.

During an interview on Tuesday, Powell said that Kraken has been in contact with countries like Malta, Luxembourg, and Ireland as the potentials to offer crypto licenses.

According to the CEO, Kraken has not yet reached any decision regarding its potential European regulatory control. But, it still targets obtaining a license by the end of 2021.

The exchange that provides trading between crypto and fiat currencies has been providing some services for users in some European countries. In January this year, Kraken launched the Kraken mobile App in Europe.

Kraken is following Coinbase's footsteps as it is officially planning to expand into the European market. In June, Coinbase acquired a crypto license from Germany’s Federal Financial Supervisory Authority (BaFin). The license lets Coinbase’s branch legally operates in the country.