Kraken, the US-based cryptocurrency exchange, has secured Electronic Money Institution (EMI) authorisation from the Financial Conduct Authority (FCA), enabling it to launch new products and services in the UK.
Kraken hopes the EMI licence will significantly improve its market position in the UK by enabling it to issue electronic money, facilitating faster deposits and withdrawals for its clients. It explained that the approval should serve as a launchpad for future growth, while also creating various opportunities to build partnerships with leading traditional financial institutions.
This comes at a pivotal moment in the UK, with adults increasingly diversifying into crypto as part of a broader portfolio. FCA research shows that over seven million UK adults – roughly 12 per cent of the adult population – now own crypto, with both awareness and average portfolio values increasing year-over-year.
“The UK is on the brink of mass crypto adoption, and Kraken is poised to lead the way with industry-leading products,” explained Bivu Das, UK general manager at Kraken. “We have major plans for UK users that will unlock a wave of demand for crypto-powered financial solutions that showcase real utility for UK investors and consumers. Securing an EMI licence is a foundational step in our expansion strategy, and we’re thrilled to announce this authorisation today.”
The news comes shortly after the crypto exchange secured its EU MiFID licence, enabling it to serve European crypto traders with an expanded regulated derivatives offering. Kraken has also secured a number of major brand partnerships with UK sporting organisations, including Williams Racing F1 team and Tottenham Hotspur FC.
In 2014, Kraken also became the first major exchange to provide a BTC/GBP trading pair, highlighting its extension work in the country. Looking to the future, it says it plans to unveil several new crypto and fiat products designed to empower UK users to build wealth through crypto.
