Kraken, a well-known cryptocurrency exchange, recently announced on its X post that the exchange has received certificate of Markets in Financial Instrument Directive (MiFID). This certificate will help Kraken to provide its offerings within the EU region.
Why MiFID?
The MiFID certificate is said to be stringent and is known to ensure investor protection, market integrity and transparency. It is considered to be a benchmark for regulatory excellence and certifies that the receiver is promoting fair and efficient market to its users. The certificate is also very well-recognized and respected throughout the EU region.
Kraken bought a licensed financial company in Cyprus (Cypriot Investment Firm) to make it easier to follow EU regulations. This acquisition helped the exchange platform get the necessary permits and infrastructure to carry out its operations in the EU region faster and efficiently.
The main reason of obtaining this certificate is to show its users that it can follow strict regulations that have been set by the EU and protect investors whenever the need be without manipulating the market. This certificate also indicates that the exchange is trustworthy and reliable for people to use and operate.
Kraken to Expand in EU
With this development, Kraken will now provide a fully compliant derivatives products in the regulated trading environment in Europe. “As we continue to expand our services across the globe, our focus on the European market remains a top priority,” says Shannon Kurtas, Kraken’s Co-GM of Pro & Exchange. This move is not only going strengthen the regulatory framework of the exchange but will also show its users that the exchange is meeting all the necessary trading requirements.
Currently, Europe is one of the most active regions for crypto trading and Kraken expanding into the EU region was a strategic move. The exchange plans to offer a diverse range of regulated derivatives products, backed by various collateral currencies. With this development, one thing is clear that the exchange is committed to security, compliance, and innovation remains unwavering.
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Source: https://www.cryptonewsz.com/kraken-secures-mifid-license-expands-in-eu/