Singapore-based exchange Crypto.com has been granted an “in-principle” license to operate under the European Union’s new digital assets regulatory framework.
Crypto.com bills itself as the “first major global crypto asset services provider” to receive a Markets in Crypto Assets (MiCA) approval.
MiCA is new EU legislation that sets rules regarding the supervision, consumer protection and environmental safeguards of crypto assets.
The regulatory framework, which came into force in December, includes measures aimed at reducing financial crimes, including market manipulation, money laundering and terrorist financing. It also places stablecoin issuers under the European Banking Authority and requires them to maintain sufficient liquid reserves.
The in-principle license paves the way for full regulatory approval, which would allow Crypto.com to offer a full range of digital asset services across the EU.
Eric Anziani, president and chief operating officer of the exchange, says the EU is “a growing and vital hub for crypto investments.”
“We have always fully supported MiCA and are confident that it will bring clarity, transparency and a more streamlined sentiment towards the regulation of our sector across the EU, all of which helps build confidence in the crypto sector.”
The exchange also continues to expand its services in North America: last month, Crypto.com announced plans to offer custodial services to wealthy individuals and institutions in the US and Canada.
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