Kraken Secures VASP Registration
August 15, 2022
San Francisco-based cryptocurrency exchange Kraken has officially announced the successful
registration as a Virtual Asset Service Provider (VASP) with regulatory authorities.
The registration, which was confirmed on August 10th, 2022, reinforces Kraken’s position as a trusted and
compliant platform for digital currency trading and services.
What is a VASP?
A VASP, or Virtual Asset Service Provider, is a term coined by international regulators to describe businesses
involved in crypto-related activities, including exchanges, custodian wallet providers, and cryptocurrency
payment processors.
VASPs play a crucial role in the cryptocurrency ecosystem as gatekeepers of compliance and regulatory standards.
The registration process involves rigorous checks to ensure the platform has implemented appropriate measures to
prevent money laundering, terrorist financing, and other illicit activities.
Kraken’s Commitment to Compliance
Kraken’s successful registration as a VASP highlights its commitment to enforcing and adhering to the highest
industry standards. By completing this registration, Kraken showcases its dedication to combating financial
crime, promoting transparency, and safeguarding customer interests.
Kraken’s Chief Legal Officer, Mary Powell, expressed her pride in achieving this significant milestone and
emphasized the exchange’s continuous efforts to build trust within the cryptocurrency community.
“We are thrilled to have obtained VASP registration, reaffirming our position as a leader in regulatory
compliance and user protection. This accomplishment reflects Kraken’s ongoing commitment to operating at the
highest possible level of excellence while maintaining the security and trust our customers expect.”
What It Means for Kraken Users
Kraken’s VASP registration holds great significance for its user base. It provides customers with an added layer
of confidence, knowing they are transacting on a regulated platform that upholds compliance standards.
By attaining VASP registration, Kraken demonstrates its proactive approach to working harmoniously with
regulators to shape the future of the cryptocurrency industry. Users can trade, store, and manage their digital
assets on Kraken, knowing that their funds are in safe hands.
Industry-Wide Impact
Kraken’s successful registration as a VASP sets a positive precedent within the cryptocurrency industry. It
further strengthens the dialogue between regulators and crypto companies, fostering an environment that promotes
innovation while ensuring accountability and compliance.
This achievement by Kraken serves as an inspiration for other industry participants to prioritize regulatory
compliance and work towards establishing a secure and trustworthy ecosystem for digital asset transactions.
Conclusion
Kraken’s VASP registration is a significant milestone in the company’s pursuit of comprehensive regulatory
compliance. By successfully meeting the rigorous requirements set by regulatory authorities, Kraken solidifies
its position as a leader in the digital asset space. This ensures users can continue to engage in secure,
compliant, and transparent cryptocurrency trading on one of the industry’s most trusted platforms.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment
advice. Always do your own research before making any investment decisions.
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