🇪🇺

Crypto.Com Expands Services To EU With A MiCA License

by

Big news in the EU crypto space! On January 18, 2025, Crypto.com announced an in-principle approval for its MiCA license, making it the first major global crypto services provider to do so.

In some contexts, the MiCA framework, introduced by the European Union (EU), is about creating a robust regulatory framework for digital assets. It focuses on consumer protection, market transparency and maintaining the rule of law.

Any cryptocurrency company in the EU will have to follow MiCA rules on transparency, disclosure and governance. This includes stronger anti-money laundering measures and stricter requirements for stablecoin issuers to ensure they have sufficient reserves to protect consumers.

Commenting on the development, Eric Anziani, President and COO of Crypto.com said: “We have always supported MiCA and are confident that it will bring much-needed clarity and structure to the crypto space across the EU, increasing confidence in the industry ”.

In 2021, Crypto.com had secured a Class 3 Virtual Financial Asset (VFA) license from the MFSA, allowing them to execute orders, offer custody services and trade on their own behalf. They have also gained in-principle approval for a financial institution license from the MFSA.

The company has also extended its partnership with Formula 1 until 2030.

Explore: Crypto.com and Dubai Islamic Bank partner to expand into UAE and GCC

Institutions adapt to the EU’s growing crypto affinity

In the increasingly digital world of the EU, leading institutions are facing a crucial question: how can they adapt to the growing influence of crypto-assets and the digital transformation of value?

Cryptocurrencies, public ledgers and tokenized assets have risen in prominence in recent years, pushing the boundaries of traditional financial systems. Their rapid rise in the creator economy, everyday transactions and wealth management is attracting the attention of regulators, technology companies and financial institutions.

For banks, the stakes are high. Some have long ignored or rejected these new currencies and networks, but others are diving straight into the crypto ecosystem to diversify their services. Companies like Revolut, N26, Deutsche Bank, and Société Générale offer crypto services to both individuals and institutions.

As cryptocurrencies and digital assets continue to grow, it is clear that we are witnessing a major paradigm shift. As blockchain technology matures, cryptocurrencies are becoming key players in the global financial infrastructure.

Big names like BlackRock and Société Générale are already embracing tokenization and digital currencies, and many other financial institutions are exploring how to create services based on cryptographic technologies.

Explore: EU Crypto Policy: What to Expect in 2025?

Crypto.Com and similar in the MiCa regulatory framework

Blockchain, digital assets, and cryptocurrency usage have increased over the past decade. Regulators around the world have been forced to decide: to regulate or not to regulate?

Now that MiCA is here, attention is shifting to its real-world impact. Companies will need to navigate a complex web of compliance while balancing innovation with risk management. The merger between traditional finance and crypto-native companies is expected to grow, further pushing institutionalization and consolidation.

MiCA represents a huge step towards regulatory clarity in the cryptocurrency industry, but its stringent requirements mean that regulators and industry players need to work together. As the cryptocurrency landscape continues to evolve, Europe’s ability to encourage innovation while ensuring strong safeguards will play a key role in shaping the global digital economy.

Explore: MiCA compliant stablecoins dominate the European market. BTC-EUR trading pair flourishes!

The post Crypto.Com Expands Services to EU with MiCA License appeared first on 99Bitcoins.

Leave a Comment