Prior to this, Kraken had secured licenses in Ireland for financial instruments (MiFID) and as an Electronic Money Institution (EMI). The MiCA license enables Kraken to legally offer its core services throughout the EU, reinforcing the exchange’s commitment to regulatory transparency and customer trust.
“Trust is foundational in crypto, and it has to be earned. Our team has worked for years to meet evolving regulatory expectations,” stated Arjun Sethi, co-CEO of Kraken. The move marks another significant step as global crypto exchanges race to secure their footing in the European market.
In 2025, several major players—including Coinbase, OKX, Crypto.com, and Bybit—also reported successful MiCA registrations. Gemini is reportedly nearing final approval in Malta. This trend highlights the industry’s broad shift toward embracing robust compliance standards across the EU.
However, not all firms are on board with the new regulations. Tether, the company behind USDT, has declined to register under MiCA, prompting some exchanges to limit USDT trading. Tether CEO Paolo Ardoino described certain MiCA requirements—like the mandate to hold 60% of reserves in insured European bank deposits—as “very dangerous for stablecoins,” arguing it could threaten the stability of digital assets.
The transition to MiCA has already led to restrictions, such as BaFin's limitation on the issuance of USDe by Ethena due to non-compliance with the regulation.