The Singapore-based exchange Crypto.com has secured an “in-principle” license to operate under the European Union’s new digital asset regulatory framework.
Crypto.com bills itself as the “first major global crypto asset service provider” to receive a Markets in Crypto Assets (MiCA) approval.
MiCA is new EU legislation that establishes rules covering the supervision, consumer protection and environmental safeguards of crypto assets.
The regulatory framework, which took effect in December, includes measures that aim to reduce financial crimes including market manipulation, money laundering and terrorist financing. It also places stablecoin issuers under the European Banking Authority and requires them to hold sufficient liquid reserves.
The in-principle license paves the way for full regulatory approval, which would enable Crypto.com to provide a full range of digital asset services across the EU.
Eric Anziani, the exchange’s president and chief operating officer, says the EU is “a growing and vital hub for crypto investment.”
“We have always been fully supportive of MiCA and strongly believe it will bring clarity, transparency, and establish a more streamlined sentiment towards the regulation of our industry across the EU, all of which adds to the building confidence in the crypto sector.”
The exchange also continues to expand its services in North America: Last month, Crypto.com announced plans to offer custody services for high-net-worth individuals and institutions in the US and Canada.
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