Kraken, a major US-based cryptocurrency exchange, has become the first global crypto firm to obtain a Markets in Crypto-Assets (MiCA) license from the Central Bank of Ireland. This approval marks a significant milestone, allowing Kraken to operate as a fully regulated entity across all 30 countries in the European Economic Area (EEA). With this license, Kraken gains what is known as an EU-wide “passport,” enabling it to offer a wide range of crypto services—including spot trading, custody, derivatives, and payments—without needing separate national authorisations for each country.
The MiCA framework, which came into force in 2024, is designed to bring unified regulation and consumer protection across the EU’s crypto market. It introduces standards for transparency, oversight of stablecoins, and enhanced governance—critical measures aimed at reducing risk and fragmentation in the sector. Kraken’s successful application suggests strong compliance and commitment to responsible growth, which the company’s co-CEO Arjun Sethi emphasized. He praised the Central Bank of Ireland’s rigorous regulatory approach and called the licence a “testament” to Kraken’s long-term vision.
The decision is also strategically significant for Ireland. While competitors like Coinbase and Gemini have recently shifted their EU bases to Luxembourg and Malta, citing regulatory uncertainty in Ireland, Kraken’s move reaffirms Dublin’s potential as a European fintech hub. By choosing to deepen its roots in Ireland, Kraken may also influence future regulatory sentiment and attract more crypto firms to the country.
This MiCA licence builds on Kraken’s existing permissions under the Markets in Financial Instruments Directive (MiFID) and its status as an Electronic Money Institution (EMI). The combination gives the company a strong regulatory foundation to scale its offerings in Europe. Analysts view this development as not just a corporate win for Kraken, but as early evidence that MiCA is delivering on its promise to create a more consistent, trustworthy framework for crypto activity across the EU.
Does Kraken’s approval under MiCA signal a turning point for how crypto firms will be regulated and legitimized in the EU—and will it set a global precedent?