Crypto.com receives MiCA license for EU expansion
Crypto.com has received a license to conduct business in the European Union under the new MiCA regulations. Under this new license, the exchange will be able to offer full crypto services in Europe.
In addition, Crypto.com has engaged in several outreach efforts with US regulators over the past few weeks, and may continue this approach to mediation with EU compliance authorities.
Crypto.com is one of the oldest crypto exchanges in the industry. Several leading crypto companies, such as Tether, have suffered major setbacks under MiCA, and the impact has dramatically changed the region's industry.
However, in a Crypto.com press release, the organization strongly supports these rules:
“We have always fully supported the MCA and strongly believe that it will bring clarity, transparency and a more streamlined sense of regulation of our industry in the EU, all of which will increase confidence in the crypto sector,” he said. Eric Anziani, President and COO of Crypto.com.
Markets in Crypto Assets (MiCA) went live in late December, and more and more businesses are gaining compliance. Still, Crypto.com called itself the first major international crypto asset provider to win MiCA's license, and plans to expand its operations in the EU.
Crypto.com has taken several steps to integrate with regulators independent of MiCA. For example, in the US, the SEC filed a Wells Notice against the firm, which triggered a subsequent lawsuit.
However, the company dropped all allegations after the CEO met with Donald Trump in December. It also continues to offer stocks and ETFs as well as hedge services to the US market.
In other words, the exchange has made it a real priority to improve its relationship with US regulators. Earlier this week, the company faced a CFTC review and pledged to provide aid to the LA fires days later.
This shows that Crypto.com is trying to be proactive in protecting its reputation, and this approach may continue to be followed by MiCA.
Anziani added that Crypto.com plans to pursue “responsible expansion in the European Union” under MiCA. He described the region as a growing crypto industry and expressed hope that Crypto.com would grow alongside it.
The exchange plans a long and effective relationship with European financial regulators.
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