Matheson secures first Irish crypto-asset authorisation for Kraken

Matheson has acted for global crypto platform Kraken in its successful application to the Central Bank to become Ireland’s first authorised crypto-asset service provider.
Having secured authorisation under the Markets in Crypto-Assets Regulation (MiCAR), Kraken can now offer fully-regulated crypto services across the European Economic Area (EEA).
MiCAR establishes an EU framework for the regulation of specified activities involving crypto-assets that are not already covered by EU law.
These include the issuance of crypto-assets; the custody and administration of crypto-assets; and the operation of crypto-asset trading platforms and exchanges (to fiat or other crypto).
The Matheson team advising Kraken on the authorisation process was led by partners Joe Beashel and Ian O’Mara in the firm’s financial institutions group.
They were supported by associates Nicole Ward, Kevin Burns, Kelsie Somers, Aaron Leonard, Rachel Power, Sam Kirwan and a cross-section of corporate and technology colleagues.
Mr O’Mara said: “We are delighted to have played a part in helping Kraken to achieve the milestone of securing a licence under the Markets in Crypto-Assets Regulation (MiCA).
“This is the culmination of a long and detailed process and one which will enable the firm to scale and engage with clients across the EEA in a compliant manner.”
He added: “It is an encouraging sign that some of the most exciting and rapidly growing firms in the crypto sector market are reinforcing their commitment to this region.
“It is also another great vote of confidence in Matheson as the law firm of choice for internationally focused companies and financial institutions doing business in and from Ireland.”
Arjun Sethi, co-CEO of Kraken, said: “Securing a license from the Central Bank of Ireland, with its long heritage and experience as a rigorous financial regulator, isn’t just about compliance.
“It’s a powerful signal of Kraken’s commitment to expanding the crypto ecosystem through responsible innovation.”
“Being the first major global crypto platform to receive authorisation from the CBI affirms Kraken’s commitment to building for the long term.
“We believe trust is the most valuable currency in crypto, and it’s something you earn.
“Over the past several years, our team has worked tirelessly to meet the CBI’s gold standard regulatory expectations.
“This license reflects that effort and 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.”