Four digital asset service providers have been granted fresh crypto licenses by Dutch regulatory bodies. This means they are now authorized to function throughout the European Union, under the Markets in Crypto Assets (MiCA) regulation.
Four companies – MoonPay, BitStaete, FinTech ZBD, and Hidden Road – have been given approval by the Dutch Financial Markets Authority to obtain Market in Cryptocurrencies licenses within the Netherlands.
By registering with the Dutch Authority for the Financial Markets (AFM), MoonPay’s cryptocurrency payment platform, BitStaete’s digital asset management business, FinTech ZBD’s Bitcoin lightning service, and Hidden Road’s broker-clear operations can legally operate across any of the European Union’s 27 member states.
The four businesses are among those, such as Circle and Socios.com, that have obtained regulatory approval through the European Union’s recently established regulatory pathway.
MICA (Markets in Crypto Assets) establishes the initial, extensive set of regulations for cryptocurrencies within a significant economic union. Within this structure, businesses must secure a Cryptocurrency Asset Service Provider license from any European Union member state.
The complete application of laws outlined in the EU’s rulebook became effective on December 30, with member states tasked with enforcing these regulations by this date. Nonetheless, several countries have encountered challenges in implementing MiCA.
After exiting the European Union in 2020, the United Kingdom quickly moved to entice cryptocurrency businesses following the establishment of MiCA. Lately, crypto trading firm GRS Market received approval from the UK’s Financial Conduct Authority.
In response to the new regulatory environment within the EU, companies dealing with EU customers removed non-compliant digital tokens from their platforms. Notably, Coinbase and other trading exchanges took action by delisting tokens such as Tether’s (USDT) stablecoin, as operators made necessary adjustments.
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2025-01-06 17:54