Kraken Gains EMI License: What It Means for UK Crypto Traders, Report

• Kraken has secured FCA approval to operate as an Electronic Money Institution, enabling faster deposits and withdrawals for UK users.
• With the new license, exchange aims to form partnerships with traditional financial institutions and expand its crypto offerings in the UK.
• Kraken’s increased presence in the UK is bolstered by partnerships with major sports brands like Williams Racing F1 and Tottenham Hotspur FC.

Kraken has recently been granted an authorization from the FCA to operate as an Electronic Money Institution (EMI). This license enables Kraken to issue the electronic money which would enable the faster and convenient deposits and withdrawal of funds from the platform to the users in United Kingdom.

Kraken’s UK Expansion Plans

The new authorization will help company in developing the sort of relationships that it has intended to establish with conventional financial institutions. It also aims to launch new services in relation to the new market in the United Kingdom. Bivu Das, the General Manager Kraken UK, noted that the demand for cryptocurrencies in the UK has been on the rise as consumers seek financial services in the emerging market. 

Cryptocurrency adoption by the public has gradually increased in the United Kingdom in the recent past. The FCA’s research revealed that there are 7.3 million adults in the country are already investing in crypto or 12% of the total population. The transformation has also extended to increased GBP trading volumes for the platform, thus providing the UK more prominence as the global market.

This comes close on the heels of Kraken ‘s approval under the EU’s Markets in Financial Instruments Directive. This permits platform to provide regulated derivatives to the European trader. With approvals from the United Kingdom and the European Union, Kraken is setting itself up to be one of the dominant cryptocurrencies that connect with classical tools for global finance.

Strategic Sports Partnerships Boost Kraken

It has also increased its coverage in the UK through strategic branding affiliations with sport clue brands. Recently, platform has entered into partnership agreements with Williams Racing F1 as well as Tottenham Hotspur FC. These affiliations also prove useful to expand company’s outreach and strengthen its brand in the UK more.

Kraken has had its operations in the United Kingdom since 2014. It was also the first exchange to list a BTC/GBP trading pair that enhance its presence in the market. Currently, this exchange offers access to more than 300 cryptocurrencies, and there are many fiat gateways available for UK customers.

As for the future development, platform is going to expand its range of both crypto and fiat offerings in the near future. These new offerings will increase the number of tools available for users in the UK to protect their digital assets. With such expansion plans, compnay is poised to increase its incorporation into the development of the country’s crypto marketplace.