Malta’s Financial Services Authority has granted Crypto.com conditional approval for a European MiCA license, bringing the exchange closer to full regulatory compliance across the EU. This significant milestone allows Crypto.com to expand its operations within the EU and provide its range of crypto services to a wider audience.
Crypto.com Edges Closer to Full EU Regulatory Compliance
The Malta Financial Services Authority has granted Crypto.com an in-principle approval for a European MiCA license, bringing the exchange one step closer to full regulatory compliance across the European Union.
What is MiCA and Why is it Important?
MiCA stands for Markets in Crypto Assets, a bespoke crypto legislation passed by the EU in 2023. The regulation aims to establish a standardized framework for the operation of cryptocurrency exchanges within the EU. To comply with MiCA, companies must obtain a CASP (Crypto Asset Service Provider) license.
Impact of In-Principle Approval
The in-principle approval from Malta’s Financial Services Authority is a significant milestone for Crypto.com. The company can now expect to receive its full CASP license soon, allowing it to provide its range of crypto services across the EU under a streamlined and robust framework. This brings a higher degree of transparency to the sector.
Other Companies with MiCA Licenses
Crypto.com will join several other companies that have already received their MiCA licenses, including Boerse Stuttgart Digital, MoonPay, BitStaete, ZBD, and Hidden Road. These companies can now operate freely within the EU, providing a range of crypto services to clients across 27 nations.
Next Steps for Crypto.com
Receiving full regulatory approval will enable Crypto.com to expand its operations within the EU, bringing its market-leading range of crypto services to a wider audience. The company’s spokesperson emphasized that this approval is a significant step towards establishing itself as a leading player in the European cryptocurrency market.
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