MoonPay, BitStatete, ZBD and Hidden Road have received MiCA licenses from the Dutch Authority for Financial Markets (AFM). At the same time, Socios.com was licensed in Malta.
This certification allows them to operate across the European Union under the new regulatory framework.
Many Cryptocurrency Companies Are Lining Up To Receive MiCA Licenses
The Markets in Crypto-Assets (MiCA) regulatory framework, which came into effect on December 30, establishes a common set of rules for cryptocurrency companies within the EU. A Crypto Asset Service Provider (CASP) license issued by an EU member state allows companies to expand their services across the bloc.
MoonPay was one of the first international companies to receive this license in the Netherlands last week. Today, three more crypto firms, including Dutch asset management firm BitStaete, joined.
Other countries in the EU are still working to apply MiCA regulations before the official deadline. Malta has also made progress.
Today, Socios.com announced that it has received approval from the Malta Financial Services Authority (MFSA) for a MiCA license. This approval allows the fan engagement platform to operate as a regulated virtual financial asset provider.
“Socios.com has received full regulatory approval from the Malta Financial Services Authority (MFSA). The MFSA approval is a Virtual Financial Assets Act (VFAA) Layer 3 license to provide Virtual Financial Assets (VFA) services. Malta’s well-established regulatory framework is already significantly aligned with the MiCA regulation,” Chiliz announced on X (formerly Twitter).
While the EU moves forward with the MiCA regulatory framework, the UK continues to refine its approach to cryptocurrency regulation. The FCA aims to finalize the regulation by 2026, with a major focus on Stablecoins.
Furthermore, Lithuania has emerged as a hub for crypto companies aiming to comply with MiCA. Bitget is expanding its operations in the country to strengthen its presence in the region.
The exchange is simultaneously pursuing regulatory approvals in 15 countries while operating under its existing license across the European Union.
A Significant Challenge for Tether
The launch of MiCA has raised concerns about its potential impact on Stablecoins, especially Tether’s USDT.
In November, Coinbase announced it would restrict USDT transactions in the EU to comply with MiCA regulation. Other exchanges have followed suit, with plans to delist Tether’s stablecoin from the region.
When MiCA took effect, USDT’s market capitalization decreased by $2 billion. This has raised concerns about the possibility of collapse.
However, analysts have dismissed these concerns. There are many reasons to argue that MiCA will harm the EU cryptocurrency market, as it excludes USDT, one of the largest liquidity providers in the global market.
“The majority of Tether’s liquidity comes from outside the region. With an average daily trading volume of $44 billion, Tether’s operations have been largely unaffected by regional disruptions. Additionally, using USDT on P2P platforms, DEXs and holding in custodial wallets is still possible, meaning Stablecoins are still legal in the EU,” said Agne Linge, head of development at WeFi. with TinTucBitcoin.
In preparation for MiCA, Tether discontinued its euro-denominated stablecoin (EURT). The stablecoin issuer remains focused on markets in Asia, where USDT trading volume dominates.
As more countries implement MiCA, its long-term impact on the cryptocurrency industry will become clearer, especially in areas such as Stablecoin regulation and cross-border operations.