Kraken's Complex Regulatory Footprint in the UK Revealed
Kraken's UK operations serve as an example of how crypto regulation works in practice, not as a simple one-time approval but rather as a patchwork of registrations, permissions, services, and limits.
The exchange operates in the UK through multiple FCA-regulated entities. Payward Limited is listed as a registered cryptoasset business for anti-money laundering purposes, while Payward Services Limited holds an Electronic Money Institution license. Crypto Facilities Limited is authorized by the FCA as an investment firm tied to derivatives activity.
This regulatory footprint may seem comprehensive, but it requires precise language. Kraken's setup should not be described as a broad future-regime custody license that covers every activity under a new regime.