Kraken has obtained regulatory approvals to operate in the Netherlands, Spain, Italy, and Ireland ahead of the EU’s MiCA regulation implementation. The crypto exchange has recently gained permission from the Dutch Central Bank to serve both retail and professional traders in the Netherlands.

According to Kraken, the Netherlands boasts the highest fintech adoption rate among developed countries, with approximately 20% of Dutch citizens owning cryptocurrency. This development follows Kraken’s October announcement of its plan to acquire Dutch crypto broker Coin Meester BV (BCM).

Kraken CEO David Ripley noted the fragmented nature of the European crypto market and the opportunities for consolidation to strengthen their regional presence.

Crypto exchanges are increasingly entering European markets amid regulatory uncertainties in the U.S. For instance, OKX recently expanded its operations by launching a platform in Argentina, enabling crypto trading and staking in South America.

Argentinian bank Banco Galicia integrated crypto trading into its platform in 2022, and the country recently elected Javier Milei, a bitcoin-supporting libertarian, as president. OKX Preside factnt Hong Fang highlighted Argentina’s rapid innovation and growing consumer demand for crypto as key factors in their expansion decision.