Kraken Secures EMI Approval From UK Financial Regulator
Highlights
- Kraken has clinched an EMI approval from UK authorities.
- The approval will allow the exchange to issue electronic money for clients in the UK.
- US-based firms are securing regulatory approvals in several jurisdictions.
US-based cryptocurrency exchange Kraken has secured an Electronic Money Institution (EMI) authorization from the UK’s financial watchdog. The move completes Kraken’s streak of high-profile regulatory approvals outside the US as it eyes global expansion.
Kraken Receives EMI Approval From UK’s FCA
Kraken is deepening its ties with the UK following an EMI approval by the Financial Conduct Authority (FCA). According to a press release, the EMI authorization will allow the US-based exchange to issue electronic money for clients in the UK.
Per the statement, issuing electronic money will allow for faster deposits and withdrawals for Kraken’s clients. The company disclosed that the EMI approval is a stepping stone for future growth while setting the stage for potential partnerships with UK banks.
“We have major plans for UK users that will unlock a wave of demand for crypto-powered financial solutions that showcase real utility for UK investors and consumers,” read the statement. “Securing an EMI license is a foundation step in our expansion strategy, and we’re thrilled to announce this authorization today.”
Kraken’s approval follows a string of regulatory wins across several jurisdictions in recent months. The US SEC dismissed Kraken’s case with prejudice, setting the stage for a potential IPO in 2026.
US-Based Firms Are Chasing Regulatory Approvals
While the regulatory landscape in the US becomes clearer, cryptocurrency service providers are achieving approvals in other regions. In February, Kraken secured an EU MiFID license allowing it to offer regulated derivatives to European traders.
Circle has clinched approvals for USDC and EURC in Dubai International Financial Center. Gemini has also secured a MiFID license to offer perpetual futures in the European Economic Area in a similar fashion.
Tether has received approval from Thailand’s SEC recognizing USDT as an official cryptocurrency in the Southeast Asian country. US-based firms are bracing for regulatory clarity following Trump’s presidency and a wave of forward-thinking declarations by the White House.
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