Five Crypto Firms Obtain MiCA Licenses from Dutch and Maltese Authorities
MoonPay, BitStaete, ZBD, and Hidden Road have obtained MiCA licenses from the Dutch Authority for the Financial Markets (AFM), allowing them to operate across the European Union under the new regulatory framework. Socios.com has received its license from the Malta Financial Services Authority (MFSA), confirming its status as a regulated provider of virtual financial assets.
The Markets in Crypto-Assets (MiCA) regulation, effective December 30, establishes a unified rulebook for crypto companies in the EU. A Crypto Asset Service Provider (CASP) license from one EU country permits operations throughout the bloc. MoonPay was among the first international firms to secure this license in the Netherlands, followed by BitStaete, ZBD, and Hidden Road.
Malta is aligning its regulatory standards with MiCA. Socios.com announced its MFSA approval, enabling it to operate under a Class 3 Virtual Financial Assets Act (VFAA) license. Malta's regulatory system closely aligns with MiCA guidelines, facilitating smoother transitions for licensed firms.
While the EU implements MiCA, the UK is developing a separate crypto regulatory framework, with the Financial Conduct Authority (FCA) aiming to finalize rules by 2026, focusing on stablecoins. Lithuania has become an attractive destination for crypto firms aligning with MiCA; for example, Bitget has expanded its operations there while seeking additional regulatory approvals across 15 jurisdictions.
The MiCA rollout raises concerns about its impact on stablecoins, particularly Tether’s USDT. In November, Coinbase restricted USDT transactions in the EU to comply with MiCA rules, prompting other exchanges to plan delistings. As MiCA took effect, USDT’s market cap dropped by $2 billion, causing brief instability fears.
Analysts downplay these concerns, noting Tether's global dominance. With an average daily trading volume of $44 billion, most liquidity comes from outside the EU, insulating Tether from regional regulatory pressures. Peer-to-peer (P2P) trading, decentralized exchanges (DEXs), and custodial wallet holdings remain legal under MiCA, preserving USDT's functionality within the EU.
To prepare for MiCA, Tether discontinued its euro-denominated stablecoin, EURT, shifting focus towards Asian markets with higher trading volumes. Analysts believe that while MiCA introduces stricter oversight, it is unlikely to disrupt Tether’s overall market presence.
As more EU member states finalize their MiCA implementation, the long-term effects on stablecoins and cross-border crypto operations will become clearer. MiCA represents a critical step towards regulatory clarity in the European crypto sector, balancing innovation with oversight.