Boerse Stuttgart received the first crypto license in Germany under MiCA
Börse Stuttgart Digital Protection became Germany's first crypto-asset service provider to receive full authorization under the EU's new markets Crypto-Assets Regulation (MiCA).
Bourse has received a Europe-wide license in its efforts to become a regulated infrastructure provider for banks, brokers and asset managers.
The company was granted its license on January 17 by Germany's federal financial supervisory authority, known as Baffin.
Bernd Stockmann, Head of Group Communications at Börse Stuttgart, confirmed the success to Cointelegraph in an email.
“We can confirm that we have received official authorization from BaFin to provide crypto asset services. We received the authorization this morning,” he said.
The approval of the license comes almost two weeks after the implementation of the MCA, the world's first comprehensive regulatory crypto framework, which is fully operational for crypto-asset service providers by December 30, 2024.
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The MCA introduced the risk of over-regulation to crypto retail investors
While MiCA is seen as a net positive for global crypto regulations, industry watchers are concerned about regulatory overreach.
While the regulation is a big step toward a more mature industry, it also seeks to identify “weak points of regulation” in the crypto space, which could mean more scrutiny for retail investors and end users of crypto platforms, Dimitridge said. Radin is the co-founder and chief technology officer of Fideum, an enterprise-focused regulatory and blockchain infrastructure firm.
He told Cointelegraph.
“Retail consumers are obliged to provide more information, which is data that will be filtered. They will be held accountable. Most Europeans will see a tax.”
Fedium Dmitry Radin, interview with Zoltan Vardai of Cointelegraph. Source: YouTube
The regulation also includes the possibility of taking enforcement actions against blockchain protocols that do not comply with MiCA standards. In the first phase of implementation, European governments may pursue legal issues in non-compliant platforms.
Related: 20% of Gen Z, Alpha sees crypto as retirement option: Report
Some of the world's largest financial institutions are preparing for MiCA implementation as early as 2024.
Société Générale, the world's 19th largest banking group by assets, has partnered with Bitpanda to launch a stablecoin honoring Mica, the euro-denominated EuroCoinVertible (EURCV).
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