VASP
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Kraken Expands in Europe with Dutch Central Bank Approval
In a significant development for the cryptocurrency market in Europe, Kraken, a leading cryptocurrency exchange, has successfully obtained a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DCB). This approval marks a crucial step in Kraken's expansion strategy within Europe, demonstrating the growing regulatory clarity and acceptance of digital assets in the region.
Strengthening European Crypto Market
Kraken's recent acquisition of the VASP registration not only amplifies its presence in Europe but also underscores the importance of the Netherlands as a key player in the global crypto ecosystem. The Netherlands is known for its dynamic startup and technology sector, robust financial services industry, and the highest fintech adoption rate among developed economies. Furthermore, it ranks among the top in Europe for cryptocurrency adoption, with approximately 20% of Dutch citizens owning cryptocurrency.
Strategic European Growth
Kraken's engagement with the Dutch market is not new. In October 2023, Kraken announced its intention to acquire Coin Meester B.V. (BCM), one of the Netherlands' longest-running crypto exchanges. This move was aimed at strengthening Kraken's foothold in the European market, capitalizing on the Netherlands' advanced economy, culture of innovation, and high level of cryptocurrency adoption.
Kraken CEO David Ripley highlighted the strategic importance of the Netherlands in their European expansion plans, citing the country's advanced economy and innovation culture as key factors driving their interest.
European Crypto Adoption and Optimism
The approval of Kraken's VASP registration in the Netherlands coincides with a broader positive sentiment towards cryptocurrencies in Europe. A recent survey conducted by Binance across four European countries—France, Italy, Spain, and Sweden—revealed that 73% of European residents are optimistic about the future of cryptocurrencies. This optimism is reflective of the growing acceptance and integration of digital assets into the European financial landscape.
Statista forecasts that cryptocurrency revenue in Europe is set to reach $18.5 billion by 2028, further emphasizing the potential for growth and development within this sector.
Conclusion
Kraken's successful registration as a VASP in the Netherlands is a testament to the evolving regulatory environment and increasing acceptance of cryptocurrencies in Europe. With its strategic focus on expansion and innovation, Kraken is poised to play a significant role in shaping the future of the crypto market in Europe and beyond. As regulatory clarity improves and adoption rates continue to rise, the European crypto market is set for significant growth, offering exciting opportunities for investors, innovators, and consumers alike.
#VASP #crypto #regulations
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Strengthening European Crypto Market
Kraken's recent acquisition of the VASP registration not only amplifies its presence in Europe but also underscores the importance of the Netherlands as a key player in the global crypto ecosystem. The Netherlands is known for its dynamic startup and technology sector, robust financial services industry, and the highest fintech adoption rate among developed economies. Furthermore, it ranks among the top in Europe for cryptocurrency adoption, with approximately 20% of Dutch citizens owning cryptocurrency.
Strategic European Growth
Kraken's engagement with the Dutch market is not new. In October 2023, Kraken announced its intention to acquire Coin Meester B.V. (BCM), one of the Netherlands' longest-running crypto exchanges. This move was aimed at strengthening Kraken's foothold in the European market, capitalizing on the Netherlands' advanced economy, culture of innovation, and high level of cryptocurrency adoption.
Kraken CEO David Ripley highlighted the strategic importance of the Netherlands in their European expansion plans, citing the country's advanced economy and innovation culture as key factors driving their interest.
European Crypto Adoption and Optimism
The approval of Kraken's VASP registration in the Netherlands coincides with a broader positive sentiment towards cryptocurrencies in Europe. A recent survey conducted by Binance across four European countries—France, Italy, Spain, and Sweden—revealed that 73% of European residents are optimistic about the future of cryptocurrencies. This optimism is reflective of the growing acceptance and integration of digital assets into the European financial landscape.
Statista forecasts that cryptocurrency revenue in Europe is set to reach $18.5 billion by 2028, further emphasizing the potential for growth and development within this sector.
Conclusion
Kraken's successful registration as a VASP in the Netherlands is a testament to the evolving regulatory environment and increasing acceptance of cryptocurrencies in Europe. With its strategic focus on expansion and innovation, Kraken is poised to play a significant role in shaping the future of the crypto market in Europe and beyond. As regulatory clarity improves and adoption rates continue to rise, the European crypto market is set for significant growth, offering exciting opportunities for investors, innovators, and consumers alike.
#VASP #crypto #regulations
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
🇧🇷 According to Bitcoin.com, Brazil's central bank has initiated a process to collect feedback on local regulations related to virtual asset service providers (VASPs). Stakeholders and interested parties have the opportunity to provide feedback on these regulations until January 31 of the next year. This process reflects efforts to engage with the cryptocurrency industry and develop appropriate regulatory frameworks. 🏦💬 #Brazil #CryptoRegulation #VASP
Peru Issues VASP Regulation, Strengthens AML/TF Requirements
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The Superintendence of Banking and Insurance (SBS) of Peru, has issued a resolution that forces VASPs to implement Know Your Customer (KYC) and anti-money laundering (AML) measures as part of a compliance plan.
The resolution is in line with FATF recommendations and seeks to control and avoid criminals to use these platforms for illicit purposes.
Peru Issues Resolution Forcing VASPs to Integrate KYC and AML Compliance in Their Structures
Peru is introducing rules to regulate the operation of virtual asset service providers (VASPs) in the country.
Last month, the Superintendence of Banking and Insurance (SBS) of Peru issued resolution N° 02648-2024, which defined several guidelines these companies should follow to mitigate the risks of being used for illicit purposes.
The resolution defines that VASPs operating on Peruvian soil must appoint a compliance officer, and implement a system with Anti Money Laundering (AML) and Terrorism Financing (TF) measures. Also, Peruvian exchanges must now adopt effective Know Your Customer (KYC) policies, and establish due diligence steps to fulfill this goal.
In addition, the new rules establish that VASPs will have to obtain the identities and more data from users involved in transactions for over $1,000, effectively forcing these providers to implement travel rule compliance, given that “all transfers of virtual assets must be treated as electronic transfers.”
#Peru #VASP #Crypto #US #TONonBinance $BTC $ETH $SOL
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The Superintendence of Banking and Insurance (SBS) of Peru, has issued a resolution that forces VASPs to implement Know Your Customer (KYC) and anti-money laundering (AML) measures as part of a compliance plan.
The resolution is in line with FATF recommendations and seeks to control and avoid criminals to use these platforms for illicit purposes.
Peru Issues Resolution Forcing VASPs to Integrate KYC and AML Compliance in Their Structures
Peru is introducing rules to regulate the operation of virtual asset service providers (VASPs) in the country.
Last month, the Superintendence of Banking and Insurance (SBS) of Peru issued resolution N° 02648-2024, which defined several guidelines these companies should follow to mitigate the risks of being used for illicit purposes.
The resolution defines that VASPs operating on Peruvian soil must appoint a compliance officer, and implement a system with Anti Money Laundering (AML) and Terrorism Financing (TF) measures. Also, Peruvian exchanges must now adopt effective Know Your Customer (KYC) policies, and establish due diligence steps to fulfill this goal.
In addition, the new rules establish that VASPs will have to obtain the identities and more data from users involved in transactions for over $1,000, effectively forcing these providers to implement travel rule compliance, given that “all transfers of virtual assets must be treated as electronic transfers.”
#Peru #VASP #Crypto #US #TONonBinance $BTC $ETH $SOL
Crypto Exchange Bybit Obtains Provisional Approval From Dubai’s Regulator VARA. #VARA
The exchange stressed this is "non-operational" approval but allows Bybit to move closer to obtaining a full VASP license. #VASP
Cryptocurrency exchange Bybit said it has taken a step toward strengthening its presence in Dubai by securing provisional approval from the Virtual Assets Regulatory Authority (VARA).
The exchange stressed this is “non-operational” approval but allows Bybit to move closer to obtaining a full Virtual Asset Service Provider (VASP) license. This will allow the company to offer virtual asset exchange services to retail, institutional, and qualified investors in Dubai.
Why Dubai? #Dubia
Dubai has emerged as an important location for cryptocurrency and blockchain firms due to its policies, regulatory clarity, and strategic positioning.
Bybit, which established its global headquarters in Dubai in 2022, has been an active participant in the city’s growing crypto ecosystem. #ecosystemgrowth
“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, chief operating officer of Bybit.
“With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry,” adds Liu. #Lui
$SOL
At a recent panel discussion during Korea Blockchain Week (KBW2024) Binance CEO Richard Teng praised Dubai and its regulatory framework for digital assets.
$BNB
Commenting on the Middle East, Teng pointed to innovative regulatory approaches in countries like Abu Dhabi, Bahrain, and Dubai. He praised Dubai’s establishment of VARA which is dedicated solely to overseeing the crypto industry.
The exchange stressed this is "non-operational" approval but allows Bybit to move closer to obtaining a full VASP license. #VASP
Cryptocurrency exchange Bybit said it has taken a step toward strengthening its presence in Dubai by securing provisional approval from the Virtual Assets Regulatory Authority (VARA).
The exchange stressed this is “non-operational” approval but allows Bybit to move closer to obtaining a full Virtual Asset Service Provider (VASP) license. This will allow the company to offer virtual asset exchange services to retail, institutional, and qualified investors in Dubai.
Why Dubai? #Dubia
Dubai has emerged as an important location for cryptocurrency and blockchain firms due to its policies, regulatory clarity, and strategic positioning.
Bybit, which established its global headquarters in Dubai in 2022, has been an active participant in the city’s growing crypto ecosystem. #ecosystemgrowth
“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, chief operating officer of Bybit.
“With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry,” adds Liu. #Lui
$SOL
At a recent panel discussion during Korea Blockchain Week (KBW2024) Binance CEO Richard Teng praised Dubai and its regulatory framework for digital assets.
$BNB
Commenting on the Middle East, Teng pointed to innovative regulatory approaches in countries like Abu Dhabi, Bahrain, and Dubai. He praised Dubai’s establishment of VARA which is dedicated solely to overseeing the crypto industry.
🚨 JUST IN: #OKX has announced the withdrawal of its #VASP license application in Hong Kong.
By May 31, 2024, OKX will stop serving HK residents.
However, OKX Web3 services, including its self-hosted wallet, will continue to be available for Hong Kong users.
#OKXWallet #HongKong #TrendingTopic
By May 31, 2024, OKX will stop serving HK residents.
However, OKX Web3 services, including its self-hosted wallet, will continue to be available for Hong Kong users.
#OKXWallet #HongKong #TrendingTopic
🟣 #Kraken expands its European presence with the acquisition of BCM, one of the Netherlands' oldest #crypto brokers.
This strategic move strengthens Kraken’s footprint in the Dutch market and adds VASP licenses in France and Poland.
#CryptoNews #VASP #TrendingTopic
This strategic move strengthens Kraken’s footprint in the Dutch market and adds VASP licenses in France and Poland.
#CryptoNews #VASP #TrendingTopic
🚨 JUST IN: #Binance secures a #VASP license from Dubai's Virtual Assets Regulatory Authority (VARA) for Binance FZE!
UAE residents will transition accounts from Binance Global to Binance FZE, updating KYC info by 2024-12-15.
#BinanceDubai #Dubai #TrendingTopic
UAE residents will transition accounts from Binance Global to Binance FZE, updating KYC info by 2024-12-15.
#BinanceDubai #Dubai #TrendingTopic
STOKR Raises $7.98M to Build One of Europe’s First Bitcoin Treasuries 🚀
Digital asset marketplace #STOKR has raised $7.98 million, a combination of 100 BTC and €1.2 million in cash, to establish one of the EU’s first corporate bitcoin treasuries.
Led by #Fulgur Ventures, the funding will help STOKR follow MicroStrategy’s lead in building a substantial bitcoin treasury. The company also plans to introduce bitcoin-based tokenized assets and enhance institutional tokenization using Bitcoin Layer 2 technologies like the Liquid Network. STOKR aims to transition from Virtual Asset Service Provider (#VASP ) to a Crypto Asset Service Provider (CASP) under the EU’s new MiCA regulatory framework.
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#Binance
#crypto2024
Digital asset marketplace #STOKR has raised $7.98 million, a combination of 100 BTC and €1.2 million in cash, to establish one of the EU’s first corporate bitcoin treasuries.
Led by #Fulgur Ventures, the funding will help STOKR follow MicroStrategy’s lead in building a substantial bitcoin treasury. The company also plans to introduce bitcoin-based tokenized assets and enhance institutional tokenization using Bitcoin Layer 2 technologies like the Liquid Network. STOKR aims to transition from Virtual Asset Service Provider (#VASP ) to a Crypto Asset Service Provider (CASP) under the EU’s new MiCA regulatory framework.
If you enjoy my content, feel free to tip me ❤️
#Binance
#crypto2024
🧙♂️ Binance announced that it has received a Virtual Asset Service Provider (#VASP ) license from Dubai's Virtual Assets Regulatory Authority (VARA) for its local exchange Binance FZE in Dubai.
Binance Secures Full VASP License in Dubai, Co-founder CZ Relinquishes Voting Control
Binance, the world's leading digital-asset exchange, has achieved a significant regulatory milestone by securing a full Virtual Asset Service Provider (VASP) license in Dubai. This move is part of Binance’s ongoing efforts to comply with global regulatory standards and expand its operations internationally.
Strategic Decisions to Enhance Compliance
As part of the licensing process, Binance co-founder Changpeng “CZ” Zhao has relinquished his voting control over the company's Dubai entity. This decision underscores Binance's commitment to aligning with regulatory requirements and enhancing transparency. The announcement was confirmed by Binance CEO Richard Teng during a Bloomberg Television interview, where he emphasized the strategic importance of this development.
Previously, Binance’s Dubai subsidiary operated under an Operational Minimum Viable Product (MVP) license. This initial stage allowed the firm to offer regulated virtual asset services locally, setting the stage for the full VASP license. The full license now enables Binance to broaden its service offerings and reinforce its market presence in the Middle East.
Overcoming Regulatory Hurdles
The journey to securing the full VASP license was not without challenges. Binance had to navigate complex regulatory landscapes and make significant adjustments to its governance structures. The relinquishment of CZ’s voting rights was a critical element in meeting the compliance standards required for the full license, reflecting Binance's proactive approach to regulatory engagement.
Future Prospects and Competitive Landscape
With the full VASP license, Binance is well-positioned to capitalize on the growing demand for cryptocurrency services in Dubai and beyond. The company plans to continue its expansion while focusing on enhancing compliance measures and strengthening relationships with regulators globally.
The cryptocurrency landscape in Dubai is competitive, with other major players like OKX and Crypto.com also holding VASP status. Binance’s ability to navigate these competitive waters will be crucial as it seeks to maintain its leadership position in the global cryptocurrency market.
CEO Richard Teng’s vision for the future emphasizes the importance of compliance and transparency, which will be vital in fostering sustainable growth and expanding Binance’s footprint in the evolving digital asset space.
#Binance #VASP #Dubai
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
Strategic Decisions to Enhance Compliance
As part of the licensing process, Binance co-founder Changpeng “CZ” Zhao has relinquished his voting control over the company's Dubai entity. This decision underscores Binance's commitment to aligning with regulatory requirements and enhancing transparency. The announcement was confirmed by Binance CEO Richard Teng during a Bloomberg Television interview, where he emphasized the strategic importance of this development.
Previously, Binance’s Dubai subsidiary operated under an Operational Minimum Viable Product (MVP) license. This initial stage allowed the firm to offer regulated virtual asset services locally, setting the stage for the full VASP license. The full license now enables Binance to broaden its service offerings and reinforce its market presence in the Middle East.
Overcoming Regulatory Hurdles
The journey to securing the full VASP license was not without challenges. Binance had to navigate complex regulatory landscapes and make significant adjustments to its governance structures. The relinquishment of CZ’s voting rights was a critical element in meeting the compliance standards required for the full license, reflecting Binance's proactive approach to regulatory engagement.
Future Prospects and Competitive Landscape
With the full VASP license, Binance is well-positioned to capitalize on the growing demand for cryptocurrency services in Dubai and beyond. The company plans to continue its expansion while focusing on enhancing compliance measures and strengthening relationships with regulators globally.
The cryptocurrency landscape in Dubai is competitive, with other major players like OKX and Crypto.com also holding VASP status. Binance’s ability to navigate these competitive waters will be crucial as it seeks to maintain its leadership position in the global cryptocurrency market.
CEO Richard Teng’s vision for the future emphasizes the importance of compliance and transparency, which will be vital in fostering sustainable growth and expanding Binance’s footprint in the evolving digital asset space.
#Binance #VASP #Dubai
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
