Singapore-based exchange Crypto.com has secured full regulatory approval to provide crypto services across all European Economic Area (EEA) member countries. The EEA comprises 30 countries, including the 27 European Union (EU) member states.
Crypto.com Bags MiCA License
The milestone is mainly based on the exchange’s recent acquisition of the Markets in Crypto Assets (MiCA) license from the Malta Financial Services Authority, enabling operations under a unified regulatory framework.
The MiCA license allows Crypto.com to “passport” its services throughout the EEA without needing separate approvals in each country. The crypto exchange believes its latest regulatory approval will enhance its market presence and customer reach across Europe.
Commenting on this development, Eric Anziani, Crypto.com’s President and COO, expressed excitement:
“We look forward to raising our brand profile in vital European markets and attracting more customers to our industry-leading platform.”
In line with MiCA regulatory compliance, Crypto.com has earlier announced delisting several tokens, including DAI, WBTC, and PayPal USD. The purchase of these tokens will be suspended on July 31, 2025, with deposits disabled and withdrawals allowed until March 31, 2025.
Notably, the MiCA license became fully applicable on December 30, 2024. It aims to provide clarity and consistency for crypto-asset service providers (CASPs) and issuers operating within the EU. Since its introduction, several crypto firms eyeing the European market have vied to acquire it.
Other Crypto Platforms Acquire MiCA License
Bitpanda, an Austrian-based cryptocurrency platform, is the first crypto company to secure a MiCA license. The license, issued by Germany’s Federal Financial Supervisory Authority (BaFin), enables Bitpanda to operate in all European Union member states.
Circle, the issuer of the stablecoins USD Coin (USDC) and Euro Coin (EURC), has also achieved compliance with the European Union’s MiCA regulation. By obtaining an Electronic Money Institution (EMI) license from France’s regulator ACPR, Circle can issue its stablecoins within Europe.
However, as other firms gain legal presence in Europe, Tether, the issuer of the largest stablecoin, has faced challenges aligning with the new standards. Consequently, other major exchanges, such as Coinbase and Kraken, have announced plans to delist USDT. As it faces regulatory hurdles in Europe, Tether plans to expand its business in the United States.
