tl;dr
MoonPay, BitStaete, ZBD, and Hidden Road have obtained the MiCA license from the Dutch Authority for the Financial Markets (AFM), allowing them to operate across the European Union under the new regulatory framework. Socios.com has also gained a license in Malta. The MiCA framework, effective since ...
MoonPay, BitStaete, ZBD, and Hidden Road have secured the MiCA license from the Dutch Authority for the Financial Markets (AFM), allowing them to operate across the European Union under the new regulatory framework. Socios.com has also gained a license in Malta. The MiCA framework, effective since December 30, provides a unified rulebook for crypto firms in the EU. It permits companies to extend their services across the bloc with a Crypto Asset Service Provider (CASP) license issued by one EU member state.
The UK is refining its crypto regulation approach, while Lithuania has become a hub for crypto firms complying with MiCA. MiCA's impact on stablecoins, particularly Tether's USDT, has prompted concerns, with some exchanges restricting USDT transactions in the EU. Tether has halted its euro-denominated stablecoin in preparation for MiCA and is focusing on markets in Asia.
The Markets in Crypto-Assets (MiCA) framework, which came into effect on December 30, establishes a unified rulebook for crypto firms within the EU. A Crypto Asset Service Provider (CASP) license issued by one EU member state permits companies to extend their services across the bloc. MoonPay was one of the first international companies to receive this license in the Netherlands last week. Today, three other crypto firms, including the Dutch asset management firm BitStaete, have joined.
Meanwhile, Socios.com has gained a license in Malta. This certification allows them to operate across the European Union under the new regulatory framework. The EU advances its MiCA framework, the UK has continued to refine its own approach to crypto regulation. The FCA is aiming to finalize regulations by 2026, with a key focus on stablecoins. Lithuania has emerged as a hub for crypto firms aiming to comply with MiCA. Bitget is expanding operations in the country to strengthen its presence in the region. The exchange is simultaneously pursuing regulatory approval in 15 countries while operating under existing licenses across the EU.
MiCA's introduction has raised concerns about its potential impact on stablecoins, particularly Tether's USDT. In November, Coinbase announced it would restrict USDT transactions in the EU to align with MiCA regulations. Other exchanges have since followed suit, with plans to delist Tether's stablecoin in the region.
When MiCA took effect, USDT's market capitalization dropped by $2 billion. It briefly prompted fears of a potential collapse. However, analysts have dismissed these concerns. There are several counter-arguments that MiCA would hurt the EU crypto market, as it excludes USDT, one of the largest liquidity providers in the global market. To prepare for MiCA, Tether halted its euro-denominated stablecoin (EURT). The stablecoin issuer remains focused on markets in Asia, where USDT trading volumes dominate.