Digital asset platform MoonPay I said it East among the first companies approved under European cryptocurrency regulations.
The company obtained approval for the Markets in Crypto-Assets (MiCA) Regulation, adopted by the European Parliament last year, according to a Monday, December 30. press release.
The rule creates a unified regulatory environment for digital assets in the European Economic Area (EEA) and, according to the statement, this is a sign of MoonPay’s desire to expand its footprint in the region while maintaining security and compliance.
“This approval is a testament to MoonPay’s proactive approach to regulation and our commitment to building a bridge of trust between the traditional financial world and the rapidly evolving crypto ecosystem,” MoonPay co-founder and CEO. Ivan Soto-Wright said in the release. “MiCA represents a pivotal moment for the European digital assets sector, and we are proud to have worked together with the Dutch AFM to be among the first to adopt this new regulatory framework. »
MiCA is the first set of uniform crypto rules to be applied across a broad geographic area, with the full framework coming into effect on Monday, the release said.
“The idea of witnessing major global laws enshrining stable coins entering the financial system of the world’s third-largest economy is something that would have been inconceivable just a decade ago,” PYMNTS wrote in July. “It also means that there will be no more shortcuts or regulatory cuts for crypto and Web3 companies – at least not in Europe.”
This year saw the stablecoin issuer Attached announce that it was withdrawing the issuance and operational support of its euro-indexed capital. stable coinEURT, in Europe. According to MiCA, stablecoin issuers must have an e-money license in at least one European Union member state to be able to operate in all 27 countries.
At the same time, regulations such as MiCA are emerging as the arbiters of the sector’s future. Web3 payment/commerce infrastructure. Each jurisdiction approaches the regulation of digital assets with its own own prioritiesbut the The implications for businesses using these technologies are broad and complex, potentially paving the way for new standards around B2B payments and cross-border transactions.
