As an experienced financial analyst, I see Kraken’s expansion into the German market through the lens of growing demand for cryptocurrencies in Europe, particularly Germany. With over 5% of Germans owning crypto assets, according to Kraken CEO David Ripley, it is a significant market that cannot be ignored.
Kraken, the cryptocurrency exchange, is broadening its reach in Europe by teaming up with a new partner to cater to German customers.
As a crypto investor, I’m excited to share that Kraken has recently announced a partnership with DLT Finance, which is a regulated crypto service provider under BaFin (Federal Financial Supervisory Authority) in Germany. With this collaboration, Kraken users based in Germany will now have access to digital asset trading and custody services provided by DLT Securities GmbH and DLT Custody GmbH. This means that we can now securely buy, sell, and hold various cryptocurrencies while complying with local regulations.
I’ve analyzed the recent trends in cryptocurrency adoption and found that Germany and Europe have emerged as key regions this year. According to crypto.news, various German cities have demonstrated strong enthusiasm towards Bitcoin (BTC) following the halving event. Additionally, European providers have taken the lead in the crypto banking sector.
As an analyst, I’d note that Kraken CEO David Ripley’s comment underscores a significant trend: over 5% of Germans have invested in crypto assets. This revelation speaks volumes about the robust demand for digital currencies within Germany’s financial landscape.
As a financial analyst, I would rephrase it as follows: “Through this collaboration, I am delighted to provide German clients with the confidence of engaging in crypto trading, knowing they are utilizing a top-tier solution. With Germany moving towards a new European regulatory landscape, this partnership ensures our clients remain at the forefront of compliance and innovation.”
David Ripley, Kraken CEO
The co-founder and CEO of DLT Finance, Marius Sewing, stated that partnering with the crypto exchange would significantly contribute to the acceptance of regulated digital assets in the European Union. This collaboration gains importance as the EU begins implementing its landmark Markets in Crypto Assets Regulation (MiCA).
After a three-year development process, MiCA (Markets in Crypto-Assets) emerges as one of the initial all-encompassing regulatory frameworks for crypto. The legislation sets guidelines for digital asset providers, encompassing provisions related to cryptocurrency access, stablecoin issuance, and reserve requirements. MiCA was approved as law last year, with full implementation anticipated in December.
Kraken’s partnership with DLT Finance is part of the company’s strategic expansion in Europe, following its attempt to buy Dutch cryptocurrency broker Coin Meester B.V.
Kraken, the crypto exchange, has obtained two significant approvals. Firstly, it received E-Money Institution approval from the Central Bank of Ireland. Secondly, it was registered as a Crypto Service Provider in the Netherlands. These accomplishments enable Kraken to legally offer its services in Ireland, Italy, Spain, and Belgium.
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2024-05-06 20:00