FCA Approves Kraken with an EMI License
Kraken purchased an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA). The license allows the exchange to issue electronic money and provide faster deposits and withdrawals for UK customers.
Thanks to this license, Kraken will be able to collaborate with conventional financial institutions and introduce new crypto-related financial instruments in the UK.
Growing UK Crypto Adoption
License approval comes as part of a trend of increasing UK interest in investments in cryptocurrency. FCA research shows that seven million plus adults in the UK, or nearly 12% of the total adult population, own digital assets.
Kraken has also observed higher GBP-denominated trading volumes, backing up the UK as one of its key markets.
Enhancing Compliance and Market Reach
This follows Kraken’s recent European Union approval under the MiFID framework, enabling it to offer regulated derivatives in Europe. Having compliance in both the UK and EU, Kraken becomes a leading crypto player in crypto’s integration into mainstream finance.
Kraken has been active in the UK since 2014, when it introduced the first BTC/GBP trading pair. The exchange currently supports over 300 cryptocurrencies and a number of fiat onramps for UK customers.
Diversifying Services and Partnerships
Besides trading, Kraken has extended its UK presence through sponsorships of sports brands like Williams Racing F1 and Tottenham Hotspur FC.
The exchange is set to introduce new fiat and crypto products in the near term, further broadening its services for UK investors and cementing its position in the country’s emerging crypto market.
