MoonPay, BitStaete, ZBD, and Hidden Road have been granted the MiCA license by the Netherlands’ Financial Markets Authority (AFM), while Socios.com has obtained a license from the Maltese authorities.
Obtaining this certificate enables them to run their operations throughout the European Union, adhering to the latest regulatory structure.
More Crypto Companies are Lining up for MiCA License
The MiCA regulation, enacted on December 30, sets up a single set of guidelines for cryptocurrency businesses operating within the European Union. With a Crypto Asset Service Provider (CASP) license granted by any EU member state, companies can expand their services throughout the union.
Last week, MoonPay became one of the initial international businesses to secure a license in the Netherlands for cryptocurrency operations. Now, three more crypto companies, among them the Dutch asset manager BitStaete, have followed suit.
Other European Union member states are striving to implement MiCA regulations by their designated due date, with Malta being one of them that is making headway as well.
Today, it was revealed that Socios.com has received approval for a MiCA license from the Malta Financial Services Authority (MFSA). This recognition allows the fan interaction platform to operate as a licensed provider of virtual financial assets.
Socios.com has received complete approval from the Malta Financial Services Authority (MFSA), allowing them to operate under a Class 3 Virtual Financial Assets Act (VFAA) license. This authorization enables them to offer services related to Virtual Financial Assets (VFAs). Malta’s robust regulatory structure, which already closely mirrors the MiCA regulation, was highlighted in the announcement made on platform X (formerly Twitter).
As a researcher delving into the realm of cryptocurrencies, I’ve been closely observing the developments in both the European Union and the United Kingdom. While the EU is progressing with its MiCA framework, my attention has also been drawn to the UK’s unique approach to crypto regulation. The Financial Conduct Authority (FCA) in the UK is working diligently towards finalizing these regulations, aiming for completion by 2026. A significant aspect of their focus is on stablecoins, a crucial part of the cryptocurrency market.
Additionally, Lithuania has become a significant center for cryptocurrency companies looking to adhere to MiCA regulations. In an effort to bolster its regional influence, Bitget is broadening its operations within the nation.
Simultaneously, we’re seeking regulatory approval in fifteen different nations, all while running our services under existing licenses throughout the European Union.
A Critical Roadblock for Tether
The introduction of MiCA (Markets in Crypto-Assets) regulation has sparked worries regarding its possible effects on stablecoins, especially Tether’s USDT.
Starting from November, Coinbase declared they’d limit USDT transactions within the EU to conform with MiCA rules. Other trading platforms have subsequently made similar decisions, planning to remove Tether’s stablecoin from their offerings in this region.
After the implementation of MiCA, USDT’s total market value decreased by approximately $2 billion, which momentarily sparked concerns about a possible impending collapse.
While some analysts have downplayed these worries, there are compelling reasons to believe that MiCA could negatively impact the EU crypto market due to its exclusion of Tether (USDT), a significant provider of liquidity on a global scale.
As a researcher delving into Tether’s operations, I’ve found that most of its liquidity stems from areas beyond the region. With an average daily trading volume of approximately $44 billion, Tether’s activities appear to be resilient against potential regional disruptions. Moreover, USDT continues to be utilized on P2P platforms, decentralized exchanges (DEXs), and custodial wallets within the EU, which suggests that its usage remains legal in this jurisdiction.
In preparation for MiCA regulations, Tether temporarily stopped issuing its Euro-backed stablecoin (EURT). However, the stablecoin issuer continues to prioritize markets in Asia, as the trading volume of USDT is significantly higher there.
Over time, as more nations adopt MiCA, we’ll gain a better understanding of its influence on the crypto sector, especially regarding stablecoin oversight and international transactions.
Read More
- Blake Lively Vs Justin Baldoni: Drawing Parallels Between Amber Heard And Blake Lively’s Legal Battles
- NPC PREDICTION. NPC cryptocurrency
- Taylor Swift vs. Ariana Grande: What is The Fan War Surrounding Sabrina Carpenter All About, Let’s Find Out
- ‘I Just Stopped Him’: Florence Pugh Shares Her Experience of Going Bald For Andrew Garfield Starrer We Live in Time
- Fans Believe that the New ‘Agatha All Along’ Promo Reveals the True Identity of Aubrey Plaza’s Rio Vidal
- Is The Beatles’ Manager Brian Epstein Getting A Biopic Of His Own? Here’s What Report Says
- The Bold and the Beautiful Spoilers: Will Luna Hold Katie Responsible for Poppy’s Arrest?
- Fact Check: Did Janet Jackson Apologize For Supporting Kamala Harris Conspiracy Theory Claiming She Is ‘Not Black?’ Here’s What We Know
- ‘Kraven the Hunter’ Director Hints at Featuring a Host of Marvel Characters
- ‘Wicked: The Graphic Novel Part I’ Releases in March with a 75,000-Copy Debut
2025-01-07 00:58