Four digital asset companies, which are MoonPay, BitStaete, ZBD, and Hidden Road, have become the first to secure Markets in Crypto Assets (MiCA) licenses in the Netherlands, CoinDesk reported.
This pivotal move enables these firms to operate across the European Union’s 27 member states under a unified regulatory framework, marking a major milestone for the crypto industry.
A Collaborative Approach
MiCA, the EU’s landmark regulation for digital assets, sets a comprehensive rulebook for crypto companies. To comply, firms must acquire a Crypto Asset Service Provider (CASP) license from a single EU member state.
This license grants them the ability to offer services throughout the bloc. While the December 30 deadline for implementing MiCA has passed, not all EU nations have fully adopted the framework, leading to a varied pace of compliance across the region.
MoonPay, a leading crypto platform, expressed pride in being among the first companies to achieve this milestone.
Ivan Soto-Wright, CEO and co-founder of MoonPay stated, “MiCA represents a pivotal moment for the European digital asset industry, and we’re proud to have worked collaboratively with the Dutch AFM to be among the first to embrace this new regulatory framework.”
Other Companies Follow Suit
Other companies joining MoonPay include BitStaete, a digital asset management firm; ZBD, a Bitcoin lightning network-focused FinTech, and Hidden Road, a prime brokerage and clearing provider.
These firms’ licenses were confirmed in a Dutch Authority for the Financial Markets (AFM) filing on December 30.
MiCA’s Broad Impact
While MiCA aims to create a harmonized crypto regulatory landscape, it has also introduced challenges. The regulation demands substantial capital reserves from stablecoin issuers and compliance with stringent operational standards for service providers.
Also Read: Schuman Financial Launches EURØP, A Euro-Backed Stablecoin Under MiCA Compliance
These requirements are expected to reshape the market, favouring larger, well-established players while placing significant pressure on smaller firms.
Coinbase’s recent decision to delist Tether’s USDt token illustrates these challenges. The delisting reflects concerns about compliance with MiCA’s standards, though USDt continues to trade on other European platforms pending clearer regulatory guidance.
Industry Response and Future Outlook
While some companies, such as Malta-based Socios.com, are embracing MiCA by securing their licenses, others are contemplating relocation to jurisdictions with less restrictive frameworks.
Uldis Teraudkalns, Chief Revenue Officer at Paybis, predicts an exodus of smaller and even some larger crypto firms from the EU, citing the regulatory burden.
The UK, closely observing the EU’s approach, is also advancing its crypto regulations. Recently, it added GSR Markets, a crypto trading firm, to its crypto register, signalling a parallel but independent path.
The Road Ahead
MiCA’s introduction marks a transformative phase for the European crypto sector, with its unified licensing and supervisory regime setting a global benchmark. However, its stringent requirements will likely reshape the industry’s landscape, encouraging consolidation and driving innovation.
As regulatory clarity continues to evolve, companies will need to adapt swiftly to navigate both challenges and opportunities in this new era of compliance.
Also Read: Turkey’s Top Bank Expands Crypto Services As MiCA Regulation Strengthens European Crypto Landscape