To expand its European business landscape, Kraken, an already prominent virtual currency exchange network, has just announced its intention to acquire Coin Meester BV (BCM), a respected cryptocurrency broker based in the Netherlands.
This strategic acquisition aims to strengthen Kraken’s foothold in the European region while enhancing compliance with the changing regulatory climate.
Kraken acquires BCM
According to A statement By Kraken, BCM was established in 2017 and has already gained a reputation as one of the oldest and most trusted registered cryptocurrency brokers in the Netherlands.
According to the blog post, this exchange has already listed 170 different crypto assets and offers buying, selling and storage services, including access to more than 170 cryptocurrencies and local financing avenues.
The new merger/acquisition will help Kraken expand deeper into the Dutch market, providing BCM clients with access to its comprehensive product range. Through this collaboration, Kraken plans to provide higher security measures, better liquidity, and 24/7 live customer support to BCM clients.
David Ripley, CEO of Kraken, said:
“The acquisition of BCM will give Kraken a significant position in the Dutch market and will allow BCM customers to benefit from a more robust product offering.”
The CEO also noted that the Netherlands is already one of the world’s most advanced economies in innovation and adoption of cryptocurrencies, making it Kraken’s key market for its European expansion plans.
Mitchell Zandviken, CEO and co-founder of BCM, sees this as a story of triumph as well. He said:
“With Kraken’s track record spanning over a decade, our customers will benefit from everything crypto has to offer through Kraken’s continued investment and innovation.”
Kraken races toward European regulatory compliance
Kraken’s move to acquire Dutch giant BCM is part of its plan to gain regulatory compliance, especially in the European region. The European Commission recently created the Regulatory Framework for Markets in Cryptoassets (MiCA), which provides regulations for cryptocurrencies, stablecoins and other blockchain assets.
Furthermore, the new framework allows industry players to invest in the region and provide consumers with access to services.
However, the requirement is to have an appropriate VASP registration in the area. In September, Irish bank Apex granted Kraken a license to operate as an electronic money institution in the province.
Another country, Spain, through its Apex Bank, has officially registered Kraken as a VASP. The exchange also holds a cryptocurrency-related operating license in Italy, and is actively seeking further registrations in other countries.
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