MoonPay Gets MiCA Approval for EU Operations

MoonPay has become one of the first companies to secure MiCA approval, allowing it to conduct financial services throughout the European Union. Its new license was issued by AFM, a Dutch financial regulator.

The MiCA regulation takes effect today, and the company hopes to use it as a major opportunity to expand its business in Europe. This news comes from a press release exclusively shared with BeInCrypto.

MoonPay and MiCA

Thanks to this new MiCA approval, the popular crypto payments platform will operate in the EU’s new legal framework without any regulatory challenges. Offering fiat-to-crypto and crypto-to-fiat services all across the region, MoonPay sees strong potential in leading the region’s digital assets services.

Although the strict compliance framework of MiCA has hurt major companies like Tether and Binance, several firms are seeing the regulation as a major business opportunity, and MoonPay is no exception.

“This milestone is more than just a regulatory approval—it’s a pivotal step in solidifying the crypto industry’s role in the global economy. We are excited to deepen our collaborations with regulators, businesses, and users as we pave the way for the future of crypto,” said CEO and Co-founder Ivan Soto-Wright.

In other words, with this development, MoonPay aims to avoid market irrelevance and expand dominance across the region. The company has been strategizing for significant growth opportunities in the coming year. Earlier this month, MoonPay was also reportedly in talks to acquire Helio, a DeFi payments service, for $150 million.

Meanwhile, starting today, the Markets in Crypto Assets regulation, or MiCA, could change everything for crypto in Europe. Already, the EU has directed exchanges to delist Tether’s USDT, and huge firms like Coinbase are preparing for major changes.

MiCA approval is a coveted status for EU crypto-related firms, and MoonPay is fortunate to receive it before the deadline. Bitget, another significant exchange, is considering a new Lithuanian office to facilitate regulatory compliance. MoonPay, however, will not need to conduct a similar investment.

Altogether, the payments platform is having a good streak. In October, it revealed a major partnership with Ripple, which has been paying dividends since RLUSD approval in the US. In November, the firm substantially broke its 2023 trading volume records.

Overall, MoonPay has forward momentum, and MiCA approval will potentially help the company go further in one of the largest regulated crypto markets in the world.