The American cryptocurrency exchange Kraken has officially received a MiCA license from the Central Bank of Ireland, allowing it to legally provide regulated services across all countries in the European Economic Area. This new status enables the company to store, exchange, and trade digital assets in 30 EEA countries.
This is reported by Business • Media
Regulatory Innovations and the Cryptocurrency Market in the EU
The license was granted under the European regulation Markets in Crypto-Assets (MiCA), which comes into effect in 2024. Prior to this, Kraken already held several permits in Ireland, including those under the Markets in Financial Instruments Directive (MiFID) and the status of an Electronic Money Institution (EMI). The legalization of operations under the new rules encompasses all major services of the exchange, highlighting its commitment to comply with EU requirements.
“We believe that trust is paramount in cryptocurrency, and it must be earned. The Kraken team has worked for years to meet regulatory requirements,” said the company’s co-CEO Arjun Sethi.
Competitors’ Reactions and Market Challenges
Kraken has joined leading crypto exchanges that have already obtained a MiCA license in 2025. Among them are Coinbase, OKX, Crypto.com, and Bybit, which is also opening a headquarters in Vienna. Gemini is in the final stages of approval in Malta. This indicates the gradual adaptation of key market players to new European standards.
At the same time, not all companies are ready to operate under the new rules. In particular, Tether has chosen not to register under MiCA requirements, leading some exchanges to limit operations with the USDT stablecoin. Tether’s CEO Paolo Ardoino criticized the regulation, calling it “very dangerous for stablecoins” due to the requirement to hold 60% of reserves in insurance from European banks, which he believes could pose serious risks to digital assets.
A specific example is the decision by the German regulator BaFin, which restricted the issuance of the USDe stablecoin by Ethena due to non-compliance with MiCA provisions. Thus, the cryptocurrency market in the EU is gradually transitioning to stricter but more transparent regulation, impacting the strategies of both global exchanges and stablecoin issuers.