Kraken, a leading US-based cryptocurrency exchange, has secured an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA) in the UK. This move enables the exchange to launch new products and services across Britain.
The UK finally playing nice with crypto firms comes when the EU is looking at pulling OKx’s recently acquired MiCA licence due to allegations of money laundering stemming from the recent Bybit hack.
EMI Licence Secured By Kraken: A Huge Boost For UK Crypto Investors
By securing the coveted EMI licence in the UK, Kraken hopes to significantly improve its market position in Britain. The licence will enable the exchange to issue electronic money, facilitating faster client deposits and withdrawals.
In a press release on its website, Kraken explained that the approval should serve as a launchpad for future growth. The firm hopes to create various opportunities to build partnerships with leading traditional financial institutions across the UK.
Bivu Das, the UK General Manager at Kraken, said on the news, “The UK is on the brink of mass crypto adoption, and Kraken is poised to lead the way with industry-leading products.”
He adds, “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 several major brand partnerships with UK sporting organisations, including the Williams Racing F1 team and Tottenham Hotspur FC.
We're now the Official Crypto & Web3 partner and sleeve partner of @SpursOfficial 🌟⚽️
Get ready for a game-changing partnership, on and off the pitch! #COYS pic.twitter.com/c44wOcKJgd
— Kraken Exchange (@krakenfx) July 16, 2024
The FCA Granting Kraken An EMI Licence Shows Signs That The UK Is Becoming More Accepting Of Crypto
This move from the FCA comes at a much-needed time in the UK, as adults increasingly diversify into crypto as part of a broader portfolio. Recent FCA research shows that over seven million UK adults (around 12 per cent of the adult population) now own crypto.
Similar research shows that awareness and average portfolio values continue to increase year-on-year. The UK has notoriously been difficult with crypto firms, with many believing the government has stifled innovation in the sector.
As a result, many Web3 firms have left the UK over the past few years, setting up shop in countries more accepting of crypto, such as Dubai and Malta.
This move from the FCA, granting Kraken an EMI licence, gives hope that the UK could soon be a hub for crypto, benefiting investors and crypto firms alike.
It is likely that the crypto u-turn in the UK comes amid the US and other nations becoming increasingly crypto-friendly. With talks of Strategic Bitcoin Reserves and Digital Asset Stockpiles, the UK government may be wising up and not wanting to be left behind.
BONUS: Best Wallet (BEST) Hits $11 Million In Presale Funding As Investors Flock To This Secure Multi-Chain Web3 Wallet
Crypto investors are always seeking the best tools to securely store their bags. It is no surprise that the Best Wallet ($BEST) presale has just hit the $11 million milestone.
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Best Wallet continues to grow. In less than a year, it has attracted over 500,000 users, with over 250,000 actively using the app. This is a 50% increase month-on-month, which is extremely impressive for such a new project.
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✅ Send from another wallet –… pic.twitter.com/ZWp3bhnAsX
— Best Wallet (@BestWalletHQ) March 7, 2025
The BEST token powers access to Best Wallet’s features. It can be purchased at presale prices via the Best Wallet presale website.
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Best Wallet supports easy import and storage of funds for those with assets in other wallets. It also offers multi-chain support, which recently expanded beyond Ethereum to include Bitcoin. Solana integration is next up on the roadmap.
New users can download the app on Google Play or the Apple App Store.
Join the conversation in Best Wallet’s community on X, Telegram, and Discord.
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UK seemingly doing a u-turn on crypto after granting Kraken an EMI licence
- Financial conduct authority is often known for being tough on crypto
- Kraken hoping EMI licence can boost its opportunities in the UK, offering investors more services
- Best Wallet (BEST) presale hits $11m as investors flock to this new Web3 wallet packed full of features and a focus on security
In This Article
- EMI Licence Secured By Kraken: A Huge Boost For UK Crypto Investors
- The FCA Granting Kraken An EMI Licence Shows Signs That The UK Is Becoming More Accepting Of Crypto
- BONUS: Best Wallet (BEST) Hits $11 Million In Presale Funding As Investors Flock To This Secure Multi-Chain Web3 Wallet
- How To Buy BEST Before It's Too Late?
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