Kraken Taps Irish MiCA License to Unlock Full EU Market Access

MiCA, Kraken & Ireland

MiCA, the world’s most comprehensive legal framework for digital assets, came into effect in two phases: stablecoins in June 2024 and crypto‑asset service providers like exchanges in December 2024. Kraken’s new Irish license allows it to scale its offerings, spot trading, derivatives, and payments, across Europe without needing separate approvals in each country.

Kraken’s co‑CEO, Arjun Sethi, told reporters that this license reflects years of effort to meet the Central Bank of Ireland’s “gold‑standard” regulatory requirements and reinforces Kraken’s message: “Trust is the most valuable currency in crypto.”

Kraken joins a growing list of crypto platforms that have recently secured MiCA licenses:

Long before MiCA arrived, Kraken had laid robust groundwork across Europe:

• VASP registrations in Ireland, Belgium, France, Italy, Spain, the Netherlands, and Poland
• Electronic Money Institution (EMI) license since 2023
• MiFID II license (via Cyprus) secured in February 2025, enabling derivatives trading

These existing licenses have already enabled Kraken to offer a broad range of services, including euro-denominated spot and derivatives trading. With MiCA in place, the exchange now gains EU-wide passporting rights, streamlining operations and reinforcing consumer trust.

That’s a crucial edge, especially as euro-denominated crypto trading volumes have doubled over the past year, now accounting for 17.5% of global fiat trading.

Why Ireland?

Choosing Ireland offers both practical and strategic advantages:

1. Regulatory Reputation – The Central Bank of Ireland is widely regarded as a rigorous, trusted regulator. Approval there sends a strong signal of credibility.
2. Unified Coverage – One Irish license now covers all 30 EEA countries, eliminating fragmented legal hurdles.
3. Supportive Ecosystem – Ireland’s government and IDA have backed Kraken’s efforts, highlighting a positive collaboration between the public and private sectors.

Regulatory clarity is drawing institutional capital to Europe. Kraken notes that MiCA offers stronger consumer protection, greater transparency, and uniform oversight, all essential to attract major investors. Arjun Sethi directly tied it to their long-term growth and IPO ambitions.

Meanwhile, traditional regulators are weighing in. The ECB supports Europe’s digital leadership with the MiCA framework and is simultaneously progressing on a digital euro to bolster strategic autonomy.

However, it continues to monitor that regulations do not sacrifice innovation or user protection.

U.S. vs. EU: A Tale of Two Regulatory Paths

Kraken’s strategic expansion comes as it also recently shifted its global headquarters to Wyoming, a crypto-friendly U.S. state, and saw the SEC drop a lawsuit related to unregistered operations. But unlike the EU’s uniform MiCA framework, the U.S. still lacks clear, centralized crypto legislation at the federal level.

Debates continue in Congress around stablecoins and market structure

For now, Europe remains a more predictable arena for crypto businesses, largely thanks to MiCA’s “passporting” mechanism and single-rulebook approach.

What’s Ahead?

With the MiCA license in hand, Kraken plans to:

• Launch expanded spot, derivatives, and payment services across Europe
• Deepen institutional offerings through its MiFID entity in Cyprus
• Seek an eventual public listing, leveraging its regulated EU status

Ongoing developments such as the European Commission’s review of MiCA rules and the rollout of a digital euro will further shape the ecosystem.

Exchanges that align with MiCA may gain first-mover advantages, especially in attracting institutional capital.