Kraken secures UK FCA approval
Kraken Digital Asset Exchange has secured an Electronic Money Institution (EMI) authorisation by the Financial Conduct Authority (FCA).
The approved EMI license will strengthen Kraken’s market position in the UK, allowing the issuance of electronic money, facilitating faster deposits and withdrawals, the company said.
“The UK is on the brink of mass crypto adoption, and Kraken is poised to lead the way with industry-leading products,” said UK general manager at Kraken, Bivu Das.
“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,” Das added.
“Securing an EMI license is a foundational step in our expansion strategy, and we’re thrilled to announce this authorisation today.”
The UK’s population has seen a recent spike in diversifying their investment portfolios through purchasing crypto assets.
Recent FCA research marks the crucial moment of the approval as over seven million UK adults, around 12% of the adult population, now own crypto.
Awareness of crypto itself as also risen from 91% to 93%, which sparked the FCA’s deliverance of crypto regulation plans late last year.
Kraken reports that the UK has become one of its most active markets globally by trading volume, and offers UK residents over 300 crypto assets for trading.
In the coming months, Kraken has announced its plans to unveil several new crypto fiat products designed specifically to empower UK users to build wealth through crypto and by leveraging Kraken account’s liquidity.