CryptoCom has been granted a license for the Markets in Crypto Assets (MiCA). By this approval, the company is now ready to work under the new European Union crypto regulation. CryptoCom becomes one of the first major crypto firms to secure this provisional licence which allows for the firm to operate across the 27 member states of the EU.
CryptoCom Becomes First Major Crypto Firm to Secure Provisional MiCA Licence
In a recent blog post, CryptoCom announced to have received an in-principle MiCA licence. This provisional approval now allows the company to offer its crypto services across the EU on the back of an efficient framework. The MiCA regime provides clearer definitions and more certainty in the crypto sector.
The new regulatory framework enables authorized firms to provide their services across the whole of the EU. This does away with the need of having several licenses in each member state. CryptoCom’s approval is a significant development in its European expansion plan.
However, the regulation under Markets in Crypto Assets (MiCA) and the Transfer of Funds Regulation (TFR) Travel Rule adopted on December 30, 2024, have been misinterpreted. Consequently, recently Circle’s Policy Head, Patrick Hansen, clarified these misconceptions, providing key insights.
Europe’s First Comprehensive Crypto Regulation
MiCA establishes clear guidelines for businesses operating within the EU, ensuring a structured regulatory framework. This particular crypto regulation requires that companies meet certain standards on issues of reporting, AML, and consumer protection.
The exchange’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 said that the company fully supports MiCA regulations. He noted that this was going to improve confidence, transparency and clarity in the crypto space.
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.”
The post CryptoCom Secures In-Principle MiCA Licence For EU Expansion, Details appeared first on CoinGape.
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