Cryptocurrency exchange Kraken has recently been licensed to operate in the Netherlands.

Obtaining the provider license is a step in Kraken’s plan to broaden its European footprint. Kraken acquired Dutch crypto broker BCM last October, and now, with a virtual asset service provider (VASP) registration from the Dutch Central Bank, it’s set to grow in the Dutch market.

“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate,” said Brian Gahan, Kraken’s Managing Director of Europe. “We see a lot of opportunity to introduce our offering to retail clients and professional traders in the Netherlands and across Europe.”

The Netherlands offers a promising market for Kraken, with about 20% of its citizens owning cryptocurrency. Kraken’s move aligns with its goal to tap into Europe’s high fintech adoption rates.

Despite facing a lawsuit from the U.S. Securities and Exchange Commission for allegedly operating without proper registration, Kraken has maintained that the lawsuit has not impacted its business operations.