- MiCA aims to create a standardized regulatory framework for crypto assets and service providers across the EU.
- The exchange has welcomed the approval as a part of its larger strategy to strengthen its presence in key global markets.
Cryptocurrency exchange Crypto.com secured in-principle approval under the EU’s Markets in Crypto-Assets (MiCA) framework. This move positions the firm as one of the first global exchanges to earn the designation amid the evolution of crypto regulation across Europe. The approval could set the stage for unprecedented regulatory clarity and uniformity in a region historically fragmented by national-level regulations.
MiCA, proposed in 2020 and fully enforceable as of December 2024, aims to standardize rules for crypto assets and service providers across the EU. Crypto.com welcomed the move as pivotal for enhancing transparency and boosting confidence in the crypto industry.
In the company’s official statement, Eric Anziani, President and COO of Crypto.com, emphasized the exchange’s commitment to “responsible expansion” within the European Union, viewing MiCA as a crucial enabler for streamlined and compliant growth.
“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 Anziani.
“We have consistently shown our commitment to responsible expansion across the EU, a growing and vital hub for crypto investment, and we look forward to working with the Union to ensure we continue to grow in a compliant manner under the MiCA regulation.”
See Related: Tether’s Potential Delisting In The EU Creates Market FUD
A Unified Approach To Crypto Regulation
While MiCA paves the way for simplified regulatory oversight, it presents hurdles for some major players. For instance, stablecoin issuers like Tether face compliance challenges, raising questions about their future operations within the EU. Coinbase’s recent delisting of Tether’s USDT further underscores the uncertainties as exchanges await additional guidance from regulators.
This milestone is just one aspect of Crypto.com’s broader strategy to boost its presence in key markets. In December, the platform introduced institutional cryptocurrency custody services in the US.
Earlier in October, it acquired Watchdog Capital, a broker-dealer registered with the SEC, to strengthen its US operations. The latest approval now marks a turning point for crypto regulation in Europe, signaling the EU’s intent to bring order to a volatile market.
