Connect with us

News

Kraken receives VASP authorization in Ireland

United States-based cryptocurrency exchange Kraken received its virtual asset service provider authorization from the Central Bank of Ireland.

Published

on

United States-based cryptocurrency exchange Kraken received its virtual asset service provider authorization from the Central Bank of Ireland.

Payward Europe Solutions, an Irish subsidiary of Kraken registered in Dublin, was awarded virtual asset service provider authorization from the Central Bank of Ireland.

The VASP authorization comes at a critical time for Kraken. The European Union is scheduled to conduct its final vote on the long-awaited Markets in Crypto Assets regulation.

The MiCA legislation is expected to pass after preliminary voting showed overwhelming bipartisan support. If it does, the resulting changes will require any company operating as a crypto assets service provider in the EU to register with one of the union’s 27 authorized regulators.

Kraken, or rather its Irish subsidiary Payward Europe Solutions, has received such qualification, becoming only the third cryptocurrency outlet so registered. Exchanges Gemini and Coinbase received their VASP authorization in July and December of 2022, respectively.

Kraken’s head of European operations, Mark Jennings, lauded the Bank of Ireland’s decision in a company blog post, stating that “Clear and effective regulation is essential for the mainstream adoption of cryptocurrencies.” Jennings also intimated that the designation was a testament to the company’s legitimacy.

Back in the U.S., the road’s been bumpier for the Kraken cryptocurrency exchange, as it was forced to settle with the Securities and Exchange Commission over alleged improprieties with its staking services. As a result of the lawsuit, Kraken paid $30 million in fines and agreed to cease offering staking services to U.S. clients.

Business

GameStop hints at future Bitcoin purchases following board approval

Published

on

GameStop is exploring the possibility of adding Bitcoin to its balance sheet, but any future purchases will require approval from the company’s board of directors. The move signals the gaming retailer’s continued interest in digital assets as it seeks to diversify its financial strategy.

The potential Bitcoin investment aligns with GameStop’s previous forays into the crypto space, including its NFT marketplace and blockchain gaming initiatives. However, the company has not yet committed to a specific timeline or amount for Bitcoin purchases.

Industry analysts suggest that if GameStop proceeds with Bitcoin acquisitions, it could follow in the footsteps of other publicly traded companies, such as MicroStrategy, that have adopted Bitcoin as a reserve asset. The decision could also serve as a signal to retail and institutional investors about GameStop’s long-term outlook on digital assets.

As the company awaits board approval, the broader market will be watching closely to see if GameStop makes a decisive move into Bitcoin, potentially influencing other corporations to consider similar strategies.

Continue Reading

Business

SEC nominee Atkins discloses at least $327M in assets ahead of confirmation hearing

Published

on

Paul Atkins, a former commissioner of the U.S. Securities and Exchange Commission (SEC), is under scrutiny over financial disclosures related to his wife. The concerns emerged during a recent hearing, raising questions about transparency and potential conflicts of interest.

Atkins, who served at the SEC from 2002 to 2008, has been a vocal advocate for regulatory clarity in financial markets, including the cryptocurrency sector. However, lawmakers and regulators are now examining whether proper disclosures were made regarding financial assets linked to his wife.

The inquiry reflects broader concerns about ethics and accountability among financial regulators and policymakers. While Atkins has not been formally accused of wrongdoing, the situation highlights ongoing debates over financial transparency in government and regulatory agencies.

As the hearing unfolds, industry observers are closely watching for potential implications on SEC policies and oversight practices. The outcome could influence future regulatory discussions, particularly in areas where financial disclosures intersect with policymaking in traditional and digital asset markets.

Continue Reading

Business

Brazil’s data watchdog upholds ban on World crypto payments

Published

on

Brazil’s data protection authority is ramping up its oversight of cryptocurrency payment platforms, reflecting growing concerns over data privacy and regulatory compliance in the digital asset sector. The move aligns with a broader global trend of increased scrutiny on crypto transactions.

The regulatory focus comes as crypto payments gain mainstream adoption in Brazil, with businesses and consumers increasingly using digital assets for everyday transactions. Authorities aim to ensure that companies handling crypto payments comply with data protection laws, safeguarding user information against misuse and security breaches.

This initiative follows global regulatory efforts to address concerns over illicit financial activities and privacy risks associated with digital currencies. While Brazil has been a leader in Latin America’s crypto adoption, regulators are working to balance innovation with consumer protection.

Industry experts believe that stricter oversight could enhance trust in the crypto sector, attracting institutional players while ensuring compliance with international standards. As regulations evolve, businesses operating in the crypto payments space will need to adapt to the changing legal landscape to maintain seamless operations.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk