Crypto.com has received preliminary approval to conduct operations throughout the European Union using a Markets in Crypto-Assets (MiCA) license, according to their statement.
When fully approved, the MiCA license allows Crypto.com to function within European Union member states under a single regulatory structure. This makes it the first global platform to be recognized with such a designation, as stated by Crypto.com on January 17th, without disclosing which authority issued the license.
As an analyst, I can express this as: I, as an analyst, believe that MiCA, according to Eric Anziani, President and COO of Crypto.com, will bring clarity, transparency, and streamline the regulatory landscape for our industry within the EU. This is expected to foster a more positive sentiment towards regulation and, in turn, bolster confidence in the crypto sector.
Unified regulatory framework
The MiCA (Markets in Crypto-Assets) is a set of regulations established by the European Union, aiming to create uniformity and governance within the cryptocurrency market. This encompasses aspects such as the regulation of crypto assets, stipulations for providers, and clarifying the responsibilities across different jurisdictions.
The regulatory framework known as MiCA was initially proposed back in September 2020 and officially adopted by May 2023. By December of the following year, it had fully come into effect. In the meantime, Boerse Stuttgart Digital Custody had become Germany’s first cryptocurrency asset service provider to secure a full license under MiCA as early as January.
Due to the implementation of MiCA, some prominent cryptocurrency corporations like Tether could face challenges in keeping their operations running smoothly within the European Union, as they issue the stablecoin USDT (USDt).
US crypto exchange Coinbase delisted USDT in mid-December, citing compliance with the EU’s MiCA.
Nevertheless, the stablecoin has persisted in transactions within the EU, as several exchanges seem to be holding off for a clearer directive from European officials regarding USDT’s adherence to MiCA. At this point, it remains undetermined whether USDT aligns with MiCA, according to EU regulators.
Global expansion
Crypto.com has been aggressively expanding in major markets, including in the United States.
In December, the platform initiated an American-based institutional cryptocurrency storage solution, which was a step towards increasing their influence within the United States.
Last October, I decided to broaden my presence in the United States by acquiring Watchdog Capital, a SEC-registered broker-dealer. This move was a strategic step for me as a crypto investor, aiming to enhance my operations and services within the U.S. market.
Founded in 2016, Crypto.com is said to have more than 100 million users worldwide.
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2025-01-17 21:46