Regulation
CryptoCom Secures In-Principle MiCA Licence For EU Expansion
CryptoCom has secured an in-principle Markets in Crypto Assets (MiCA) licence. This approval aligns the company with the European Union’s new regulatory framework for digital assets. CryptoCom becomes one of the first major crypto firms to obtain this provisional license, enabling it to expand services across EU’s 27 member states.
CryptoCom Becomes First Major Crypto Firm to Secure Provisional MiCA Licence
According to a recent blog post, CryptoCom has received an in-principle MiCA licence. This provisional approval paves the way for the company to provide its crypto services across the EU under a streamlined framework. The MiCA regime aims to enhance clarity and transparency in the crypto sector.
The new regulatory framework allows licensed businesses to passport their services across the EU. This eliminates the need for multiple licenses in each member state. CryptoCom’s approval is a key step in its European expansion strategy.
Notably, the implementation of the Markets in Crypto Assets (MiCA) regulation and the Transfer of Funds Regulation (TFR) Travel Rule on December 30, 2024 raised many misconceptions. Consequently, Circle’s Policy Head, Patrick Hansen, clarified these misunderstandings, providing key insights.
Europe’s First Comprehensive Crypto Regulation
MiCA establishes clear guidelines for businesses operating within the EU, ensuring a structured regulatory framework. Under this crypto regulation, companies must adhere to strict standards for transparency, anti-money laundering (AML), and consumer protection.
CryptoCom’s adherence to MiCA regulations demonstrates its commitment to responsible growth. The company has consistently advocated for robust regulatory structures to boost confidence in the crypto sector.
Although CryptoCom did not specify which regulator issued the approval, its European headquarters in Paris suggests involvement from French authorities. France has been proactive in implementing MiCA rules, making it a hub for crypto businesses.
Other firms are also working to secure MiCA licenses as member states roll out the framework. For instance, MoonPay and Boerse Stuttgart have already received similar approvals.
MiCA Licence Impact
With the in-principle MiCA licence, CryptoCom can offer its services across all EU member states. The approval allows the company to operate under a unified regulatory framework, reducing compliance complexities.
CryptoCom’s President and COO, Eric Anziani, stated that the company is fully supportive of MiCA. He emphasized that this development would boost confidence, transparency, and clarity in the crypto industry.
CryptoCom’s COO added,
“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.”
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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