MoonPay reported receiving approval to operate as a licensed crypto business in the Netherlands under the European Union’s Markets in Crypto-Assets (MiCA) bill.
In a Dec. 30 notice, MoonPay said the Dutch Authority for the Financial Markets had issued the crypto firm a license in accordance with MiCA regulations. The regulatory framework, first adopted in 2023, was fully enforceable for crypto asset service providers operating in the EU as of Dec. 30.
MiCA approval. Source: MoonPay
According to MoonPay, the company would continue offering fiat-to-crypto on-ramps and crypto-to-fiat off-ramps to users under its Dutch license. MoonPay co-founder and CEO Ivan Soto-Wright called the approval a “pivotal step in solidifying the crypto industry’s role in the global economy.”
Dec. 30 marked the end of MiCA’s “implementation phase” and the beginning of an 18-month transitional phase, in which EU member states could allow crypto asset service providers to continue operating in their respective jurisdictions.
The regulatory framework’s plan grants firms “grandfathered in” — i.e., already operating in accordance with existing laws — the ability to continue offering services until July 2026 or until authorities decide on their licenses.
Founded in 2018, MoonPay is a significant provider of fiat-to-crypto on-ramps for users, including through PayPay for customers in the United States, United Kingdom, and EU. Reports suggested that MoonPay was also “in talks” to purchase Helio Pay for roughly $150 million.
Since proposing MiCA in 2020 and having it passed in 2023, EU policymakers have begun enforcing rules affecting different aspects of the crypto industry. Stablecoins have been subject to the framework’s enforcement since June 30, prompting some exchanges to delist Tether (USDT).
Magazine: Bitcoin payments are being undermined by centralized stablecoins