December 12 marked the end of the implementation phase of the Regulatory Framework for Markets in Crypto-Assets (MiCA), with authorities now able to enforce the regulations on some crypto service providers operating in the EU.
MoonPay announced that it has been approved to operate in the Netherlands as a compliant crypto business under the EU's MiCA legislation. In a Dec. 12 announcement, MoonPay said that the Dutch Authority for the Financial Markets has issued the company a license under MiCA regulations. This regulatory framework was first adopted in 30 and will be fully applicable to crypto asset service providers operating in the EU from Dec. 2023.
According to MoonPay’s statement, the company will continue to provide users with fiat-to-cryptocurrency exchanges (i.e., the “onboard” channel from fiat to cryptocurrency and the “offboard” channel from cryptocurrency to fiat) under the authorization of the Dutch license. MoonPay co-founder and CEO Ivan Soto-Wright called the approval “a key step in consolidating the role of the crypto industry in the global economy.”
December 12 also marks the end of MiCA’s “implementation phase” and the start of an 30-month “transition phase” during which EU member states can allow crypto-asset service providers to continue operating in their existing jurisdictions.
Under the planned regulatory framework, those “incorporated into current legislation” – meaning operators that comply with existing laws – can continue to provide services until July 2026, or until the regulator makes a final decision on their licences.
Related background:
- The MiCA regulatory framework was first proposed in 2020 and will be gradually implemented after its approval in 2023.
- MiCA has implemented regulations on stablecoins from June 2023, 6, which has prompted some exchanges to delist Tether’s USDt stablecoin.
More about MoonPay
Founded in 2018, MoonPay is a major fiat-to-crypto exchange service provider, including serving customers in the United States, the United Kingdom, and the European Union through PayPal. MoonPay is also reportedly in talks to acquire Helio Pay for approximately $1.5 million.
MoonPay’s license approval not only marks its formal compliance operations in the Dutch market, but also lays the foundation for future expansion into the EU.
Original link:https://cointelegraph.com/news/moonpay-mica-approval-netherlands