Crypto.com has secured in-principal approval to operate across the European Union under a Markets in Crypto-Assets (MiCA) license, the cryptocurrency exchange said.
Once finalized, the MiCA license will enable Crypto.com to operate in EU countries under a unified regulatory framework. It is the first global exchange to receive this designation, Crypto.com said on Jan. 17 without specifying which jurisdiction granted the license.
Crypto.com claims MiCA “will bring clarity, transparency, and establish a more streamlined sentiment towards the regulation of our industry across the EU, all of which adds to the building confidence in the crypto sector,” said Eric Anziani, Crypto.com’s president and chief operating officer.
Key elements of MiCA. Source: Cointelegraph
Related: What is Markets in Crypto-Assets (MiCA)?
Unified regulatory framework
MiCA is the EU’s regulatory framework designed to standardize and regulate the crypto market. It covers everything from crypto asset regulation and provider requirements to jurisdictional responsibilities.
MiCA was proposed in September 2020, adopted in May 2023, and became fully enforceable in December 2024. In January, Boerse Stuttgart Digital Custody became Germany’s first crypto asset service provider to receive a full license under MiCA.
Some major cryptocurrency companies, including Tether, the issuer of stablecoin USDt (USDT), may struggle to maintain operations in the EU now that MiCA is in effect.
US crypto exchange Coinbase delisted USDT in mid-December, citing compliance with the EU’s MiCA.
However, the stablecoin has continued trading across the EU, with many exchanges apparently awaiting more clarity from European authorities on USDT’s compliance with MiCA. EU regulators have not said whether USDt is compliant with MiCA.
Global expansion
Crypto.com has been aggressively expanding in major markets, including in the United States.
In December, the exchange launched an institutional cryptocurrency custody service in the US as part of a broader plan to expand its presence in the country.
In October, Crypto.com bought Watchdog Capital, a broker-dealer registered with the US Securities and Exchange Commission, in a bid to expand its US footprint.
Founded in 2016, Crypto.com is said to have more than 100 million users worldwide.
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