Kraken’s UK presence is a good example of how crypto regulation actually works in practice: not as one broad approval, but as a patchwork of registrations, permissions, services, and limits.

The exchange operates in the UK through several FCA-regulated entities. Payward Limited is listed as a registered cryptoasset business for anti-money laundering purposes. Payward Services Limited holds an Electronic Money Institution license. Crypto Facilities Limited is FCA-authorized as an investment firm tied to derivatives activity.

That is a serious regulatory footprint, but it needs precise language.

This is not the same as saying Kraken has one sweeping UK “crypto custody license” that covers every activity under a future regime. The…