Kraken’s EMI approval is part of a broader global regulatory push, following its recent EU MiFID license for offering derivatives.
Kraken, a cryptocurrency exchange headquartered in the United States, has obtained an Electronic Money Institution (EMI) authorization from the United Kingdom’s financial regulator.
Kraken Receives EMI Approval From UK’s FCA
Kraken has successfully concluded its string of high-profile regulatory approvals outside the United States in anticipation of global expansion.
Kraken is fortifying its relationship with the United Kingdom as a result of the Financial Conduct Authority’s (FCA) approval of its EMI.
The EMI authorization will enable the US-based exchange to issue electronic money for consumers in the UK, as stated in a press release.
As per the statement, the issuance of electronic money will facilitate the quicker processing of deposits and withdrawals for Kraken’s clients. The company disclosed that the EMI approval serves as a first step toward future expansion and establishes the groundwork for prospective collaborations with UK banks.
The statement stated, “We have significant plans for UK users that will spark a surge in demand for crypto-powered financial solutions that demonstrate genuine utility for UK investors and consumers.” “We are delighted to announce today that we have obtained an EMI license, which is a critical component of our expansion strategy.”
Kraken’s approval is the latest in a series of regulatory victories observed in numerous jurisdictions recently. The US SEC terminated Kraken’s case with prejudice, thereby establishing the groundwork for a potential IPO in 2026.
US-Based Firms Are Chasing Regulatory Approvals
Cryptocurrency service providers are obtaining approvals in other regions as the regulatory landscape in the United States becomes more lucid. Kraken obtained an EU MiFID license in February, which enables it to provide regulated derivatives to European merchants.
Circle has obtained approvals for USDC and EURC in the Dubai International Financial Center. In a similar vein, Gemini has also obtained a MiFID license to provide perpetual futures in the European Economic Area.
USDT has been officially recognized as a cryptocurrency in Thailand by the Securities and Exchange Commission (SEC). In the wake of Trump’s presidency and a series of forward-thinking statements by the White House, US-based businesses are anticipating regulatory clarity.
