If you are wondering if Kraken is authorized PSAN and available in France, the quick response is yes, indirectly. We will explore in detail the status of service provider on digital assets (PSAN) allocated by the Autorité des Marchés Financiers (AMF), and how the strategic acquisition of an approved company as PSAN allowed Kraken to comply with French regulatory requirements. We will also discuss what this legally means for a platform to exchange cryptos when it bought an already approved company, and how it can thus offer its services legally in France.
The status of service provider on digital assets (PSAN) was established in France by the 2019 PACT law. This regulatory framework aims to supervise all the activities related to cryptocurrencies and digital assets, thus guaranteeing the safety of investors and transparency on the market. To obtain PSAN status, a company must meet a set of strict compliance, security and governance criteria. The AMF, the French financial regulatory authority, is responsible for issuing this status to platforms which wish to operate legally on French territory.
To summarize, the status of PSAN means that an cryptocurrency exchange platform is officially recognized by the French regulator, that it respects the obligations in terms of fighting money laundering (AML), the protection of investors, and that it is subject to increased monitoring.
Kraken , who positions himself as one of the largest cryptocurrency exchange platforms with a considerable volume of trading , had long been trying to strengthen his presence in Europe and more particularly in France. Before his strategic acquisition, Kraken was accessible in France, but was not allowed to advertise or actively approach his customers due to the lack of PSAN status.
To overcome this obstacle, Kraken acquired Coin Meester BV , a Dutch exchange platform which operates under the name of BCM. Coin Meester already has the status of Psan issued by the AMF, as well as local licenses in Poland and other European countries. Thanks to this operation, Kraken indirectly benefits from PSAN approval, which allows him to expand his regulated offer in France. This expansion approach is part of a global alignment strategy on European regulations, in particular with the entry into force of the MiCA (Markets in Crypto-Astets) regulation.
The acquisition of Coin Meester by Kraken makes it possible to respond to several issues:
When a platform like Kraken bought an already approved company as PSAN , does the platform automatically become PSAN?
When an approved PSAN company, like Coin Meester, is bought, its status does not automatically disappear. However, several steps must be taken for the new owner (in this case, Kraken) can use this status within the framework of his own activity:
Notification to the AMF : the acquisition of an approved company must be reported to the Autorité des Marchés Financiers. Any significant modification of the control structure or the company's management must be approved by the regulator . This ensures that the new entity continues to comply with compliance requirements.
Verification of compliance : After a buyout, the AMF can proceed to a re -evaluation to ensure that the new entity still complies with the safety, governance and transparency standards required for PSAN status. If major changes are noted, the AMF may request adjustments or impose additional conditions.
Continuation of the registration : as long as the company acquired continues to operate in accordance with the standards required, the PSAN status remains in force. In this case, Kraken benefits from the continuity of the Psan status of Coin Meester. This means that Kraken can, through this acquisition, propose his regulated services as PSAN, without having to return the entire registration process.
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For the AMF, the acquisition of a company approved by an international platform like Kraken is a positive approach if it makes it possible to strengthen the protection of investors. The regulator ensures as well as:
For Kraken, this operation represents a considerable strategic gain. By becoming “ Kraken Psan”, the platform can now advertise and actively canvass in France, while offering a full range of trading services, purchase/sale of cryptocurrencies, and conservation of digital assets.
If Kraken already met the PSAN criteria , why not have directly asked for registration from the AMF rather than buying an already approved company ?
The answer is due to several strategic, regulatory and operational factors .
Recording as a PSAN with the AMF requires many steps :
✅ In -depth verification of managers and shareholding.
✅ Audit of compliance processes (AML/ KYC ).
✅ Examination of cybersecurity and governance protocols.
✅ Analysis of the economic model to ensure that it is viable and in accordance with regulations.
➡ Estimated average duration: several months, or even more than a year depending on the file and the AMF workload.
By buying an already recorded company , Kraken Go around this period and can operate more quickly in France under an entity already having approval.
By buying Coin Meester BV (BCM) , Kraken A quick access to the French market is available without delay a complete AMF validation .
✅ BCM already had PSAN approval , which allows Kraken to offer its services quickly in France.
✅ Kraken can do marketing and canvass customers , which was prohibited without psan approval.
✅ No risk of rejection of PSAN file by the AMF , since BCM had already successfully passed the validation stages.
➡ In one purchase, Kraken obtains quick and secure access to the French market under a validated regulatory framework.
Kraken target France , but the entire European market . BCM being recorded in the Netherlands, France and Poland , this acquisition allows Kraken to immediately extend its presence in several countries under an already validated regulatory framework.
✅ Kraken strengthens his regulatory imprint in Europe.
✅ The acquisition allows him to exploit existing licenses without redoing all the zero procedures.
✅ It can now offer a unified offer and in accordance with local regulations.
➡ Rather than a simple PSAN recording, Kraken offers a rapid and strategic gateway to several key markets.
Approval as PSAN is a crucial step for any platform wishing to operate in France. Thanks to the acquisition of Meester BV Coin, Kraken was able to overcome regulatory barriers and strengthen his presence on the French market. This means that Kraken can now offer trading, purchase/sale services, and conservation of digital assets in complete compliance with AMF standards. Other platforms did not comply with the constraints imposed by the AMF which therefore went on a blacklist. This is the case, for example, of Bitget , Kucoin and Mexc .
The acquisition strategy to obtain or transfer PSAN status illustrates how an international platform can adapt to local requirements without having to start from scratch in the registration process. The acquisition of an approved company not only saves time, but also to immediately benefit from a robust regulatory framework recognized by the authorities.
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