Kraken’s Irish Subsidiary Payward Europe Solutions Registered by VASP of Central Bank of Ireland

04/19/2023 21:19 • Daily Digest • 58 views

According to reports, Kraken’s Irish subsidiary Payward Europe Solutions, registered in Dublin, has been authorized by the Virtual Asset Service Provider (VASP) of the Central Bank of Ireland.

Kraken is authorized as an Irish virtual asset service provider

The world of cryptocurrencies has been evolving fast in recent years, with new players constantly jumping in to explore the endless possibilities presented by blockchain technology. The digital assets industry has been particularly promising, with traders and investors profiting from price fluctuations and new crypto offerings. One prominent business in this field is Kraken, and its Irish subsidiary Payward Europe Solutions has recently been given authorization by the Central Bank of Ireland’s Virtual Asset Service Provider (VASP). This article will explore the significance of this move and what it means for Kraken and the broader crypto community.

The Background of Kraken and Payward Europe Solutions

Kraken is an American-based cryptocurrency exchange that was founded in 2011. It has rapidly grown to become one of the leading crypto exchanges globally, offering trading in a wide range of digital assets such as Bitcoin, Ethereum, Ripple, and Litecoin. Kraken has expanded its services globally, with its subsidiary Payward Europe Solutions headquartered in Dublin, Ireland, serving the European market.

Understanding the Central Bank of Ireland VASP Authorization

The Central Bank of Ireland regulates all financial services in the country, including VASPs. These organizations provide services enabling users to engage in virtual asset activities, such as advising on or trading in digital assets. Payward Europe Solutions received VASP authorization from the Central Bank of Ireland, a positive move that shows the exchange’s commitment to complying with global financial regulations.

What Does This Mean for Kraken’s Irish Subsidiary?

Kraken has gained a lot of popularity in the digital assets industry, with its dedication to providing top-notch services and products to its clients. The authorization of its Irish subsidiary by the Central Bank of Ireland VASP will provide Payward Europe Solutions with more credibility and better market positioning. This could translate into more customers, more trust and more revenue. Furthermore, the VASP authorization will strengthen the exchange’s compliance and risk management infrastructure, which is a key aspect of running a successful VASP.

The Significance for the Broader Crypto Community

The digital assets industry has been growing in popularity in recent years, but it has also seen its fair share of regulatory hurdles. Governments, central banks, and financial regulators around the world have been keen on developing laws and regulations to cover cryptocurrencies, with some countries welcoming them, while others remain unsure. The need for regulatory compliance is essential for companies that trade digital assets, and Kraken’s move is a significant step towards achieving this objective. This approval by the Central Bank of Ireland could also signal more welcoming regulations for the Irish market, thus providing a more conducive environment for businesses in the crypto industry.

Conclusion

Kraken’s Irish subsidiary, Payward Europe Solutions, has received authorization from the Central Bank of Ireland’s VASP, a move that signals more significant things to come in the world of cryptocurrencies. The digital assets industry remains a fast-paced and ever-changing field, and every small move matters. The regulatory compliance provided by VASP authorization will help Kraken remain at the top in the global crypto industry. The Irish market can also expect more welcoming regulations and a more favorable environment for businesses to expand.

FAQs

1. What is VASP authorization?
VASP authorization is regulatory compliance from the Central Bank of Ireland for organizations that enable virtual asset activities.
2. What services does Kraken offer?
Kraken is an American-based cryptocurrency exchange that offers trading in a wide range of digital assets.
3. Where is Kraken’s Irish subsidiary headquartered?
Kraken’s Irish subsidiary, Payward Europe Solutions, is headquartered in Dublin, Ireland.

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