Popular digital asset exchange, Kraken, has been given the green light to form a ‘Special Purpose Depository Institution (SPDI)’. This designation will allow for Kraken to develop a new entity, known as Kraken Financial, which will act as a chartered bank offering comprehensive digital asset services such as deposit-taking, custody, and fiduciary services.
“Kraken’s vision is to become the world’s trusted bridge between the crypto economy of the future and today’s existing financial ecosystem.”
Kraken is the first company specializing in digital assets to receive the SPDI status – a particularly noteworthy step forward for Kraken and the blockchain industry as a whole.
Kraken is excited to announce we will soon be reopening services in Japan, a move that’s part of a broader initiative to expand our industry-leading services into high-growth APAC markets.
The announcement follows Kraken’s expansion into the rapidly growing Australian market with the acquisition of Bit Trade and the launch of funding and trading in Australian dollars.
We believe the Japan market is ripe for re-entry. Interest in cryptocurrencies is spiking globally, and with its crypto-friendly history and well-established regulatory environment, Japan is poised to be a leading country in the next wave of crypto adoption.
Kraken exited Japan in 2018 in order to focus its resources on improving in other markets that were growing exponentially at the time.
However, Kraken has been preparing for the re-entry for two years, in that time establishing a Tokyo-based subsidiary, Payward Asia, and building up internal governance and controls in accordance with local regulations.
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