Crypto.com has been given permission to carry out its activities within the European Union according to the fresh MiCA guidelines. With this new license, the platform can now provide all its cryptocurrency services across Europe.
Moreover, Crypto.com has recently been reaching out to U.S. regulatory bodies and may persist in taking a cooperative stance when dealing with European compliance authorities.
Crypto.com Under MiCA
Crypto.com is among the longest-running cryptocurrency trading platforms in the market. Notable crypto companies such as Tether have faced significant challenges due to MiCA, and these difficulties have significantly reshaped the regional cryptocurrency sector.
However, in Crypto.com’s press release, the firm strongly supports these regulations:
Eric Anziani, President and COO of Crypto.com, stated that they have consistently backed MiCA and are convinced it will bring clarity, transparency, and streamlined regulations to our industry within the EU, thus fostering confidence in the crypto sector.
The European regulatory framework for Cryptocurrencies, known as Markets in Crypto Assets (MiCA), was implemented at the end of December, with more and more businesses moving towards compliance. However, Crypto.com stands out as the first significant global provider of crypto asset services to secure a MiCA license, and they aim to expand their EU operations further.
Crypto.com has made efforts to engage with regulatory bodies, separate from MiCA. For instance, within the U.S., the Securities and Exchange Commission (SEC) issued a Wells Notice to the company, leading to a legal action that followed.
After meeting with Donald Trump in December, the company decided to abandon all legal cases. Additionally, it started providing stocks, ETFs, and custodial services in the U.S. market.
Essentially, the company is placing great emphasis on enhancing its partnership with American regulatory bodies. Interestingly enough, it underwent a CFTC evaluation earlier this week, and subsequently announced plans to contribute funds towards Los Angeles fire relief efforts.
It appears that Crypto.com is taking a step ahead to safeguard its image, possibly by adhering to the MiCA regulations, which could become an ongoing strategy for them.
Older stated that Crypto.com intends to expand responsibly throughout the European Union, in line with the MiCA regulations. He referred to the region as a burgeoning center for the cryptocurrency sector and expressed optimism about Crypto.com’s growth parallel to it.
The exchange plans a long and productive relationship with European financial regulators.
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2025-01-17 23:33