Kraken has protected a markets in the License for Financial Instruments Directive (MIFID) in the EU, allowing the Crypto exchange to expand its regulated derivative offer in important EU markets.
According to the announcement on 3 February, the license was obtained by the acquisition of a Cypriot investment firm, which was recently approved by the Cyprus Securities and Exchange Commission (CYSEC).
The relocation positions Kraken to offer a fully conforming derivatives trading platform tailored to advanced crypto investors.
Strengthening the presence of the EU
The MiFID license is a strategic expansion for cracking, because it wants to tap into the European market for growing derivatives in the European derivatives and at the same time meets the increasing expectations of the regulations.
The license enables Kraken to provide advanced traders with regulated futures and option products, so that they can be exposed to a variety of digital assets in a capital -efficient manner.
Kraken’s co-general manager of Pro & Exchange Shannon Kurtas said:
“While we continue to expand worldwide, our focus on the European market remains a top priority.”
Kraken is planning to meet the necessary regulatory conditions in the coming months before they launch its derivative products at EU markets.
The exchange has not yet given a specific timeline for the rollout.
Regulation
In addition to the European expansion, Kraken has re-reinforced his on-chain reinforcement services for American customers in 37 states and two areas, almost two years after suspending the program due to regulatory challenges. With the new strike product, users can participate in a bound off for 17 digital assets.
Kraken has steadily built up its regulatory presence to expand the trade possibilities of the derivatives. In 2019, the Exchange Crypto facilities, a Financial Conduct Authority (FCA) regulated Crypto Futures platform in the UK, which became the first recognized crypto futures provider in the country.
With the EU MiFID license, Kraken is expanding its dedication to compliance with the regulations, while broadening access to advanced trading tools for European investors. The company said it remains aimed at determining industrial standards for security, innovation and customer experience.
Kraken does not yet have the full scope of the derivatives products that it is planning to offer under the MiFID license not yet announced, but industrial analysts expect that futures, options and structured products are important components of the European derivatives portfolio of the Exchange.
