#Crypto.com Granted 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 poised to receive a full CASP license and operate across the European Union. This follows the German Stuttgart Digital Exchange in obtaining a MiCA license, making it another cryptocurrency exchange to do so. The MiCA regulation aims to provide a unified regulatory framework for the crypto asset market and will come into effect at the end of 2024. A spokesperson for Crypto.com said that obtaining the MiCA license would enable the company to provide its market-leading crypto services across the EU and enhance transparency in the industry.
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Analysis
Crypto.com has received in-principle approval for its MiCA license from the Malta Financial Services Authority, meaning it is now on track to obtain a full CASP license, allowing it to operate across the European Union. This follows Boerse Stuttgart Digital, a subsidiary of German stock exchange operator Boerse Stuttgart, receiving a MiCA crypto-asset service provider license from the German regulator BaFin, making Crypto.com the second crypto exchange to receive a MiCA license.Obtaining a MiCA license will allow Crypto.com to offer its market-leading crypto services across the EU, further boosting transparency in the industry. Notably, Boerse Stuttgart Digital was the first crypto service provider in Germany to receive a MiCA license, while Crypto.com is the first global exchange to receive one. These events demonstrate the crypto industry's active pursuit of regulatory compliance and its move towards greater transparency and regulation.
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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 clients in the 27-nation European trading bloc, enhancing transparency in the industry.
Boerse Stuttgart Digital, a subsidiary of German stock exchange operator Boerse Stuttgart, has obtained a MiCA crypto asset service provider license from Germany's financial regulator BaFin, planning to expand services to European financial institutions.
Stuttgart Digital Exchange received the MiCAR cryptocurrency license, becoming the first German company to receive a license allowing it to operate throughout the EU.