Crypto payment platform MoonPay announced that it has received approval under the European Union’s Markets in Crypto-Assets (MiCA) regulation.
Noteworthy, MiCA offers a unified legal framework across the European Economic Area (EEA). Its aim is to combat illicit activities like money laundering while it improves consumer protection, transparency, and market stability.
MoonPay Receives Approval to Legalise Offerings
With this MiCA license, MoonPay has proven to be compliant with these rigorous standards. It has also positioned itself for expansion of its services in the European crypto ecosystem.
Also, it would also be able to lead innovation in the same region. Users can continue to interact with the exchange’s fiat-to-crypto and crypto-to-fiat payment services across Europe.
Ivan Soto-Wright, MoonPay’s CEO and co-founder, noted that the “approval underscores MoonPay’s commitment to regulatory excellence and our mission to build a trusted bridge between traditional finance and the crypto economy.”
EU MiCA Finally Comes Into Effect
It is worth noting that MiCA legislation took full effect today. The comprehensive regulatory framework requires that all stablecoins be issued by entities with an e-money license.
Additionally, stablecoin issuers like Circle and Tether, need to hold reserves in independent banks and track transactions. While Circle has aligned itself to fulfil the requirements of the rule, Tether is still undecided.
The largest stablecoin issuer is concerned about the impact that the crypto regulation will have on USD-pegged stablecoins. Similarly, the broader crypto ecosystem is constantly discussing how the MiCA rule will affect the market, especially with President-elect Donald Trump’s potential crypto-friendly policies in the United States. Many entities in the crypto industry think that the introduction of MiCA could leave the market at risk.
MoonPay in Talks to Acquire Helio Pay
Amidst these exciting times, reports have it that MoonPay is negotiating a $150 million acquisition of prominent crypto e-commerce platform Helio Pay.
Should this pull through, this deal would become MoonPay’s most significant acquisition since inception. Hence, it signals a strategic push into the growing e-commerce sector. Moreso, the acquisition could boost the firm’s offerings by integrating its self-service platform, which supports over 6,000 merchants and content creators.
Helio Pay already accepts Bitcoin (BTC), Ethereum (ETH), and stablecoins, such as USD Coin (USDC), as a payment option.
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