Crypto.com has announced that it is getting in-principle approval to operate its services across the EU under the Market in Crypto-Assets (MiCA) regime. This development makes the exchange the first global platform to obtain such authorization.
The MiCA framework is the first comprehensive regulatory framework for cryptocurrencies in the EU, enabling companies to obtain permits valid across all 27 member states.
BOOM
— Steve | Crypto.com (@skalifowitz) January 17, 2025
Proud to share that https://t.co/lS6nno3iDC is the first major global crypto asset service provider to secure an in-principle MiCA licence. 🚀 pic.twitter.com/DXNDYZxLfT
Crypto.com’s statement on January 17, 2022, did not reveal which country from the EU issued the license. However, since the company has a European regional headquarters in Paris, it is more probable that the approval was given by the French financial authorities.
According to Eric Anziani, Crypto.com’s president and COO, MiCA is crucial because it helps build trust in the crypto sector.
“We have always been fully supportive of MiCA and strongly believe it will bring clarity, transparency, and establish a more streamlined sentiment towards the regulation of our industry across the EU.”
Eric Anziani
In 2021, Crypto.com was also issued a Class 3 Virtual Financial Assets (VFA) License by the Malta Financial Services Authority (MFSA), which enabled it to place orders, offer custody services, and operate on its own account. The MFSA also granted the company in-principle approval of the Financial Institution License.
Impact of MiCA on the crypto industry
MiCA sets out comprehensive regulations for crypto assets, service providers, and jurisdictional governance. It is meant to harmonize operations while ensuring compliance with EU-wide standards. The framework also outlines a set of tough rules for stablecoins.
Earlier this week, Dutch regulators granted MiCA licenses to four crypto companies, including MoonPay. Circle, the creator of USDC stablecoin and a cryptocurrency firm, also secured the EU’s inaugural MiCA greenlight last year. As a result, in July 2024, Circle became an e-money institution (EMI) in France, which allowed the company to function under the stringent EU regulation of cryptocurrencies.
Boerse Stuttgart Digital has been among the earliest ones to secure a MiCA license in Germany. The license was issued by the German regulator BaFin and enables Boerse Stuttgart Digital to provide all of its services across the EU member states.
MiCA could also set a precedent for regulating crypto outside of Europe. According to Cryptopolitan, it provides a unified framework that other nations may follow. Cryptopolitan further stated, “MiCA’s structured approach may influence global regulators, especially in the US, where enforcement often outweighs clear rulemaking.”
The in-principle MiCA approval is part of Crypto.com’s larger plan to grow its footprint in the world. Launched in 2016, the exchange now has more than 100 million users. The firm has obtained licenses in key jurisdictions such as Singapore, Australia, and the United Kingdom.
Cryptopolitan Academy: Are You Making These Web3 Resume Mistakes? - Find Out Here
