Kraken wants to be a bank. Not a crypto exchange that sort of acts like one, but an actual, regulated, deposit-taking bank operating inside the European Union. The company is pursuing a full banking license in Lithuania, according to CoinDesk, adding another layer to what is quietly becoming one of the most aggressive regulatory buildouts in the crypto industry.
Kraken’s European entity, Payward Europe, secured an Electronic Money Institution license in Lithuania in early July 2026. An EMI license lets a company issue electronic money, hold customer funds, and process payments without being a full bank.
Before that, Kraken obtained a MiCA CASP authorization from Ireland’s Central Bank in June 2025. MiCA, the EU’s Markets in Crypto-Assets regulation, is the framework that standardizes how crypto firms can operate across all 27 member states. Because the Irish license is passported across the entire European Economic Area, Kraken can legally offer crypto asset services in every EEA country from a single regulatory anchor. That includes Lithuania.
So the current picture looks like this: Kraken has a crypto license covering all of Europe, a payments license in Lithuania, and is now reaching for a full banking charter in the same jurisdiction.
