Crypto exchange, Kraken, announced the acquisition of Coin Meester B.V. (BCM), one of the oldest registered crypto brokers in the Netherlands. The acquisition is reportedly part of Kraken's broader European expansion strategy, especially as new regulations emerge like Europe's Markets in Crypto-Assets (MiCA) framework.

In a statement, Brian Gahan, Kraken’s Managing Director for Europe, explained the importance of the acquisition, stating:

"The completion of the BCM acquisition is a key milestone in our European expansion. We can now leverage our strong footprint and market-leading position in euro volume and liquidity to significantly grow our market share in the years ahead."

Over the next few months, BCM clients will gain access to more than 200 digital assets, improved liquidity, and 24/7 customer support in local languages. With Kraken's platform offerings and resources, BCM users will be able to interact with a broader variety of cryptocurrencies with ease.

Strengthening Kraken's European Presence

Coin Meester B.V. (BCM) is a well-established and respected crypto broker in the Dutch market. Registered as a Virtual Asset Service Provider (VASP), BCM complies with regulatory standards in the Netherlands, France, and Poland. Kraken plans to expand its presence in the Netherlands with its acquisition, a key European crypto market.

Worth noting, Kraken has been accelerating its European expansion over the past two years, offering services in countries such as Germany, Spain, and Italy.

Preparing for MiCA Regulations

BCM's acquisition by Kraken is crucial, as MiCA regulations are set to take effect in December. MiCA is designed to create a regulated digital asset environment that protects users while fostering innovation within the crypto space. It will reportedly simplify operations for businesses by creating a unified framework for digital assets across all EU member states.

One of Kraken's main goals is to address the fragmented nature of the European cryptocurrency market. As regulatory pressures and operational costs rise, competition is growing fiercer, driving consolidation across the sector. 

In preparation for MiCA, Kraken has ramped up its expansion across Europe, securing VASP licenses or forming partnerships in multiple countries, including Germany, France, Spain, Italy, Poland, and the Netherlands.