Crypto.com is the first global crypto exchange approval under Mica
Crypto.com has received the next crypto company the basic approval of operating in the European Union (EU) under a license according to the new Regulation Markets in Crypto-Assets (Mica).
As soon as the mica license is exhibited, Crypto.com will be able to operate under a uniform regulatory framework in all EU countries. Crypto.com is the first global crypto tour that receives such approval emphasized Crypto.com on January 17th, without specifying which country the license has specifically issued.
Crypto.com is of the opinion that Mica will bring “clarity, transparency and a more uniform regulation of our industry in the entire EU, which contributes to the growing trust in the crypto sector,” emphasized Eric Anziani, President and Chief Operating Officer from Crypto.com.
Components of Mica. Source: Cointelegraph
Uniform framework
Mica is the new EU legal framework that the European cryptom market standardize and should regulate. It covers everything, from the regulation of crypto assets to the requirements for providers to the responsibilities of the individual countries and authorities.
The mica were first introduced in September 2020, passed in May 2023 and have come into force since December 2024. Yesterday on January 17th received the Stuttgart stock exchange Digital Custody as the first German crypto-asset service provider a full license to Mica.
However, some large crypto companies, including Tether, the issuer of the StableCoin USDT, could have difficulty maintaining their business in the EU after Mica has entered into force.
Due to this in mid-December, the American crypto tour of Coinbase took the USD from the stock exchange and rely on compliance with the EU's Mica regulations.
However, the stablecoin continued to act in the EU, with many stock exchanges apparently waiting for more clarity from the European authorities to comply with Mica by USDT. So far, however, the EU regulatory authorities have not commented on whether Usdt is compliant with Mica.
Crypto.com expanded
Meanwhile, Crypto.com is aggressively expanding in important markets, also in the United States.
In December, the stock exchange started an institutional custody service for cryptocurrencies in the United States as part of a more comprehensive plan to expand its presence in the country.
In October, Crypto.com also bought Watchdog Capital, a broker dealer registered with the US stock exchange supervisory authority Securities and Exchange Commission to expand its presence in the USA.
The company Crypto.com, founded in 2016, is said to have more than 100 million users worldwide.
