Kraken, a leading US-based cryptocurrency exchange, has announced its acquisition of Coin Meester B.V. (BCM), a prominent Dutch crypto broker, as part of its strategy to expand its presence in Europe. This acquisition is significant as BCM, founded in 2017, is one of the oldest registered crypto brokers in the Netherlands, offering a wide range of services including buying, selling, and staking over 170 digital assets.
Strategic Importance of the Acquisition
David Ripley, CEO of Kraken, emphasized that the Netherlands represents a key market for their European expansion due to its advanced economy and high level of crypto adoption. The acquisition will not only enhance Kraken’s position in the Dutch market but also allow BCM’s clients to access Kraken’s extensive product offerings, which include improved liquidity and security features.
Regulatory Context
This move aligns with the recent establishment of the Markets in Crypto-Assets (MiCA) regulatory framework by the European Commission, which aims to create a more favorable environment for crypto businesses in Europe. Kraken has already secured various regulatory licenses across Europe, including an e-money institution license from the Central Bank of Ireland and registration as a virtual asset service provider (VASP) in Spain and Italy.
Future Prospects
The completion of this acquisition is contingent upon obtaining necessary regulatory approvals. Financial details of the transaction have not been disclosed. However, Kraken’s ongoing commitment to growth in Europe suggests that this acquisition is just one step in a broader strategy to consolidate its position in a fragmented European market.
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The acquisition comes shortly ahead of the full implementation of the Markets in Crypto-Assets (MiCA) bill, the first comprehensive regulatory framework for the crypto industry, set to go into full effect on Dec. 30
