George Miller
Kraken, a prominent cryptocurrency exchange, has shared on its X account that it has obtained a certificate in accordance with the Markets in Financial Instruments Directive (MiFID). This new certification enables Kraken to enhance its services throughout the European Union.
Importance of MiFID
The MiFID certification is recognized for its rigorous standards that provide crucial safeguards for investors, enhance market integrity, and promote transparency. It is seen as a hallmark of regulatory quality, confirming that organizations uphold a fair and efficient marketplace. Its acceptance across the EU lends it significant credibility.
To streamline adherence to EU mandates, Kraken acquired a licensed financial firm in Cyprus, known as a Cypriot Investment Firm. This strategic purchase has equipped the exchange with the necessary licenses and structures to operate effectively within the EU framework.
The primary goal of acquiring this certification is to demonstrate to clients that Kraken complies with stringent EU regulations, ensuring investor protection without market manipulation. This endorsement reinforces the exchange’s reputation for reliability and trustworthiness.
Expansion Plans in Europe
Following this achievement, Kraken is set to offer completely compliant derivatives products within the European trading environment. “As we continue to grow our services globally, our commitment to the European market remains paramount,” stated Shannon Kurtas, Kraken’s Co-General Manager of Pro & Exchange. This initiative not only strengthens the exchange’s regulatory compliance but also assures users that it adheres to all required trading standards.
Europe is currently a leading hub for cryptocurrency trading, making Kraken’s expansion into this territory a calculated strategy. The exchange aims to introduce a variety of regulated derivatives products, supported by multiple collateral currencies. This development underscores Kraken’s ongoing commitment to security, compliance, and continuous innovation.