Cryptocurrency exchange Kraken has been granted a license to operate in the Republic of Ireland under the European Union's Markets in Crypto Assets (MiCA) regulation.

Kraken will now be able to offer crypto services across the 30 countries in the European Economic Area (EEA), allowing it to scale its business much faster across the region, the exchange said on Wednesday.

"This license places us in a strong position to expand our product offering, grow our institutional and retail client base and deliver secure, accessible and fully regulated crypto services to millions more people across the EU," Kraken's co-CEO Arun Sethi said.

Acquiring a MiCA license provides added assurance that an exchange is meeting the EU-wide standards on consumer protections, transparency and oversight, Kraken added.

The sixth largest crypto exchange in the world by trade volume joins a number of its peers in winning MiCA licenses in recent months. Coinbase won approval in Luxembourg earlier this month, while Bybit did so in Austria in May.

Read more: Tokenized Shares of Solana Treasury Company Defi Dev Coming to Kraken

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