Kraken’s Irish Subsidiary Receives VASP Authorization from Central Bank of Ireland

According to reports, Kraken’s Irish subsidiary Payward Europe Solutions, registered in Dublin, has been authorized by the Virtual Asset Service Provider (VASP) of the Central Bank of Ireland.

Kraken is authorized as an Irish virtual asset service provider

In recent reports, it has been revealed that Kraken’s Irish subsidiary, Payward Europe Solutions, registered in Dublin, has been authorized as a Virtual Asset Service Provider (VASP) by the Central Bank of Ireland. This authorization marks an important milestone for Kraken as it continues to expand its global footprint in the cryptocurrency industry.

What is Kraken?

Kraken is a well-known cryptocurrency exchange that was founded in 2011. It allows users to buy and sell various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. With a daily trading volume of over $500 million, Kraken has become a popular platform for traders and investors around the world.

The Importance of VASP Authorization

For companies in the cryptocurrency industry, VASP authorization is crucial. It ensures that the company is complying with regulatory guidelines and has adequate anti-money laundering and know-your-customer procedures in place. Without this authorization, Kraken would not be able to operate as a VASP in Ireland, which would limit its ability to attract customers and expand its services.

Payward Europe Solutions and VASP Authorization

Payward Europe Solutions, Kraken’s Irish subsidiary, has been working closely with the Central Bank of Ireland to obtain VASP authorization. This process involves a detailed analysis of the company’s policies and procedures, as well as an assessment of the company’s ability to comply with Irish regulations.
With this authorization, Payward Europe Solutions can offer a range of services to customers in Ireland, including buying and selling cryptocurrencies, depositing and withdrawing funds, and accessing margin trading.

The Future of Kraken in Ireland

Kraken’s VASP authorization in Ireland is a significant achievement for the company. It demonstrates its commitment to regulatory compliance and its willingness to work closely with regulators to ensure that its customers are protected.
Moving forward, Kraken will continue to expand its services in Ireland and around the world. As the cryptocurrency market continues to grow, Kraken is well-positioned to capitalize on this trend and become a leading player in the industry.

Conclusion

Kraken’s Irish subsidiary, Payward Europe Solutions, has been granted VASP authorization by the Central Bank of Ireland. This authorization is important for Kraken as it allows the company to expand its services in Ireland and comply with regulatory guidelines. Moving forward, Kraken will continue to focus on regulatory compliance and providing quality services to its customers.

FAQs

1. What is VASP authorization?
VASP authorization is a regulatory process that ensures companies in the cryptocurrency industry comply with regulatory guidelines and have adequate anti-money laundering and know-your-customer procedures in place.

2. What services can Payward Europe Solutions offer with VASP authorization?
With VASP authorization, Payward Europe Solutions can offer a range of services to customers in Ireland, including buying and selling cryptocurrencies, depositing and withdrawing funds, and accessing margin trading.
3. What is Kraken?
Kraken is a cryptocurrency exchange that was founded in 2011. It allows users to buy and sell various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.