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Coinpaprika 2025-01-07 08:29:05

Five Crypto Firms Secure MiCA Licenses in Netherlands and Malta

MoonPay , BitStaete, ZBD, and Hidden Road have successfully obtained MiCA licenses from the Dutch Authority for the Financial Markets (AFM), granting them the ability to operate across the European Union under the new regulatory framework . Similarly, Socios.com secured its license from the Malta Financial Services Authority (MFSA), solidifying its status as a regulated provider of virtual financial assets. The Markets in Crypto-Assets (MiCA) regulation, which came into force on December 30, sets a unified rulebook for crypto companies across the EU. A Crypto Asset Service Provider (CASP) license from one EU country now allows operations throughout the entire bloc. MoonPay was among the first international firms to secure this license in the Netherlands , followed by BitStaete, ZBD, and Hidden Road. Malta has also made strides in aligning its regulatory standards with MiCA. Socios.com announced its approval from the MFSA, enabling it to operate under a Class 3 Virtual Financial Assets Act (VFAA) license. The company stated that Malta’s regulatory system already aligns closely with MiCA guidelines, providing a smoother transition for licensed firms. While the EU advances MiCA implementation, the UK continues developing its separate crypto regulatory framework , with the Financial Conduct Authority (FCA) aiming to finalize rules by 2026, focusing heavily on stablecoins. Lithuania has also emerged as an attractive destination for crypto firms aligning with MiCA. For instance, Bitget has expanded its operations in the country while pursuing additional regulatory approvals across 15 jurisdictions. Despite these advancements, the MiCA rollout has raised concerns about its impact on stablecoins, particularly Tether’s USDT . In November, Coinbase restricted USDT transactions in the EU to comply with MiCA rules, and other exchanges have followed by planning to delist the stablecoin. As MiCA took effect, USDT’s market cap dropped by $2 billion , briefly raising fears of instability. However, analysts have downplayed these concerns, highlighting Tether's global dominance. With an average daily trading volume of $44 billion, most of Tether's liquidity originates outside the EU, insulating the company from regional regulatory pressures. Furthermore, peer-to-peer (P2P) trading, decentralized exchanges ( DEXs ), and custodial wallet holdings remain legal under MiCA, preserving USDT's functionality within the EU. To prepare for MiCA, Tether discontinued its euro-denominated stablecoin, EURT, shifting its focus towards markets in Asia, where trading volumes remain significantly higher. Analysts believe that while MiCA introduces stricter oversight, it is unlikely to disrupt Tether’s overall market presence. As more EU member states finalize their MiCA implementation, the long-term effects on stablecoins and cross-border crypto operations will become clearer. For now, MiCA represents a critical step towards regulatory clarity in the European crypto sector, balancing innovation with oversight.

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