green light for expansion in the Netherlands.

Crypto news: Kraken has completed registration as a VASP in the Netherlands through the approval of the Dutch Central Bank. 

This authorization enables Kraken to provide exchange, transfer, custody, and portfolio management services for virtual assets within the Dutch territory. Let’s see all the details below. 

News: crypto exchange Kraken advances in the Dutch market

As anticipated, the crypto exchange Kraken has recently acquired its fourth European license, extending the availability of its services now also in the Netherlands.

The announcement of February 8th confirms that Kraken has obtained registration as a Virtual Asset Service Provider (VASP) from the Dutch Central Bank (DNB). 

This allows them to provide exchange, transfer, custody, and wallet services for virtual assets. The VASP license is a regulatory framework aimed at supervising companies that offer services related to digital resources.

In accordance with the regulation on crypto-asset markets (MiCA), companies providing services related to digital assets in the European Union must comply with strict requirements.

Among these, we find the prevention of money laundering, the fight against terrorism financing, and transparency in customer information.

Kraken has focused its expansion in key European markets, obtaining VASP licenses also in Spain, Italy, and Ireland, in addition to offering cryptographic services in Belgium through an authorized subsidiary.

Kraken’s statement highlighted the vibrant startup and technology sector in the Netherlands, also noting the high adoption rate of cryptocurrencies, with approximately 20% of Dutch citizens owning digital assets.

In an attempt to consolidate its presence in the Dutch market, Kraken announced in October 2023 the acquisition of Coin Meester B.V. (BCM), a cryptocurrency exchange based in the Netherlands. However, the agreement is still pending regulatory approval.

Positive outcome of the Zakinov vs Ripple case: Kraken informs users about possible benefits 

Kraken has recently informed its users about the possibility of receiving monetary incentives or other benefits following the legal victory in the Zakinov vs Ripple case. 

The exchange had indeed presented a motion to intervene in the case in December 2023 to protect the identity of its users.

The plaintiff, led by Vladi Zakinov, had obtained a court order requiring all exchanges in the United States to provide private information about trading operations and the identity of users who had exchanged XRP from July 3, 2017, to June 30, 2023.

Kraken had raised concerns about the risks of disclosing its users’ commercial information and the court had prevented it from revealing such data. 

However, Kraken has been ordered to notify customers who have traded XRP on its platform within the specified timeframe.

Recently, Kraken has contacted its users, especially those who may benefit from the case, informing them of the possibility of receiving monetary incentives. 

This development has been shared by the founder of Dizer Capital, Yassin Mobarak, who has shown a screenshot of an email from Kraken informing him about the potential benefits.

The email states the following: 

“Our records indicate that you purchased XRP on Kraken between July 3, 2017, and June 30, 2023, which means you may be entitled to receive money or benefits that may result from the lawsuit, depending on the outcome.”

Mobarak commented that he had always hoped to profit from XRP, but he had not anticipated that this would come to fruition through a collective legal action against Ripple.