Crypto.com received approval to conduct business operations in the EU under the new MiCA regulations. Under this new license, the exchange will be able to offer its full suite of crypto services in Europe.
Additionally, Crypto.com has made several outreach efforts with US regulators in the last few weeks, and it may continue this conciliatory approach with EU compliance officials.
Crypto.com Under MiCA
Crypto.com is one of the oldest operational crypto exchanges in the industry. Several leading crypto firms like Tether have suffered major setbacks under MiCA, and its impact has greatly shifted the regional industry.
However, in Crypto.com’s press release, the firm strongly supports these regulations:
“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,” said Eric Anziani, President and COO of Crypto.com.
Markets in Crypto Assets (MiCA) took effect at the end of December, and a growing number of businesses are achieving compliance. Still, Crypto.com called itself the first major global crypto asset service provider to win a MiCA license, and it plans to increase its EU operations.
Crypto.com has taken several steps to make inroads with regulators, independent of MiCA. For example, in the US, the SEC filed a Wells Notice against the firm, sparking a subsequent suit.
However, after its CEO met with Donald Trump in December, the firm dropped all charges. It also proceeded to offer stocks and ETFs as well as custody services to the US market.
In other words, the exchange has put a real priority on improving its relationship with US regulators. Earlier this week, the firm faced a CFTC review, and pledged donations to LA fire relief days later.
This suggests that Crypto.com is trying to be proactive in maintaining its reputation, and it may continue this approach with MiCA compliance.
Anziani added that Crypto.com plans to pursue “responsible expansion across the EU” under MiCA. He called the region a growing hub for the crypto industry and expressed hope that Crypto.com will grow alongside it.
The exchange plans a long and productive relationship with European financial regulators.
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