#Crypto.com Receives MiCA License#
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Overview
Crypto.com has received in-principle approval for a MiCA license from the Malta Financial Services Authority, meaning it is soon to receive a full CASP license, allowing it to operate across the European Union. This follows the German Stuttgart Digital Exchange obtaining a MiCA license, making it the second crypto exchange to receive it. The MiCA license allows companies to serve customers in all 27 EU member states, which will help increase transparency in the crypto industry and provide a unified regulatory framework for crypto companies. Crypto.com becoming the first global exchange to operate under a unified regulatory framework in the EU will help its development in the European market.
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Analysis
Crypto.com has received in-principle approval for a MiCA license from the Malta Financial Services Authority, meaning it will soon be granted a full CASP license, allowing it to operate across the European Union. This makes Crypto.com the first global exchange to operate in the EU under a unified regulatory framework. Meanwhile, Boerse Stuttgart Digital, a subsidiary of German stock exchange operator Stuttgart Stock Exchange, has also received a MiCA crypto-asset service provider license from German regulator BaFin, becoming the first crypto service provider in Germany to obtain a MiCA license. These events indicate that the European cryptocurrency industry is actively embracing regulation and laying the foundation for its future development in the EU. The MiCA regulation, which will come into effect at the end of 2024, will provide a unified regulatory framework for the crypto asset market, enhance transparency, and offer greater protection for investors.
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Crypto.com receives in-principle approval for MiCA license, making it the first global exchange to operate in the EU under a unified regulatory framework.
The MiCA license allows the company to serve customers in the European trading area of 27 countries, enhancing transparency in the industry.
Boerse Stuttgart Digital, a subsidiary of German stock exchange operator Boerse Stuttgart, has received a MiCA crypto-asset service provider license from German regulator BaFin, with plans to expand services for European financial institutions.
Stuttgart Digital Exchange secures MiCAR cryptocurrency license, becoming the first German company to receive permission to operate across the entire EU.