Belgium has emerged as a potentially crypto-friendly market, with over 40% of adults under 35 already owning digital assets.
Kraken, a cryptocurrency exchange based in San Francisco, has recently expanded its Virtual Asset Service Provider (VASP) services into Belgium. After registering with Belgian authorities earlier this year under the country’s anti-money laundering and counter-terrorist financing regulations, Kraken received regulatory approval to offer crypto trading and custody services to Belgian residents.
The launch of Kraken’s VASP services in the country is a part of the company’s larger goal of complying with regulations across multiple jurisdictions and expanding its services throughout Europe. In addition, the crypto company is committed to promoting mainstream cryptocurrency adoption in Belgium through education and proper oversight.
Belgium has emerged as a potentially crypto-friendly market, with over 40% of adults under 35 already owning digital assets. The capital city of Brussels is also home to dozens of blockchain startups, indicating a growing crypto ecosystem in the country. Belgian politicians have also shown support for cryptocurrencies, with one member of parliament agreeing to receive his salary in Bitcoin last year.
Brian Gahan, the Europe Managing Director for Kraken, expressed his delight about the expansion to Ireland and said:
“We’re pleased to announce another key landmark in our European expansion journey. This launch enables us to continue fulfilling our mission and educate more Belgians about the transformative impact of cryptoasset technology. We believe in offering a compliant trading experience powered by our industry-leading client service, robust security protocols and market-leading position in liquidity and volume for EUR crypto pairs.”
In addition to Belgium, Kraken has steadily grown its presence across the European Union in 2022. The company received regulatory approval in September as an e-money institution in Ireland, allowing it to offer expanded fiat currency funding options to clients across the EU and European Economic Area.
Kraken first established its European headquarters in Dublin in 2019. It has seen a significant surge in trading volumes and client signups across Europe amid rising crypto adoption over the past year. Regulatory approvals in Ireland and now Belgium show Kraken’s commitment to building long-term client relationships founded on trust.
Expansion through Regulatory Compliance and Education
Kraken is committed to expanding its services across Europe in the coming months as more countries also work on making crypto and digital asset services regulations clearer. The company hopes to lead the way for being a compliant crypto service in Europe, an action that can go a long way to affect the way people perceive the new digital assets and also make them deal with them safely.
To spread awareness about cryptocurrencies, Kraken also plans to give its clients in Belgium educational materials and various resources to guide them on how to trade responsibly. This can also go a long way in making them understand the intricacies of trading, the types that exist, and how to choose the best form that works for them.