MoonPay Secures MiCA Approval to Operate Across European Union
MoonPay has secured MiCA approval, enabling it to operate across the European Union under a unified regulatory framework. This license, issued by the Dutch financial regulator AFM, positions MoonPay among the first companies to gain MiCA compliance, facilitating cryptocurrency integration into the broader financial system.
The Markets in Crypto Assets (MiCA) regulation takes effect today, standardizing crypto-related services across EU member states. While major players like Binance and Tether face challenges with MiCA's compliance requirements, MoonPay views this as a growth opportunity. The platform can now expand its fiat-to-crypto and crypto-to-fiat services throughout Europe without regulatory friction.
CEO Ivan Soto-Wright described this achievement as a “pivotal step in solidifying the crypto industry’s role in the global economy.” He emphasized MoonPay’s commitment to collaborating with regulators, businesses, and users to promote digital asset adoption.
This approval coincides with significant changes in the European crypto sector. Exchanges are directed to delist Tether’s USDT, while platforms like Coinbase prepare for operational adjustments. MoonPay is positioned to navigate these shifts without needing additional regulatory investments, such as opening new offices.
In addition to MiCA approval, MoonPay is pursuing strategic growth initiatives. Reports indicate discussions to acquire Helio, a DeFi payments service, for $150 million, aligning with its ambition to strengthen its digital payments ecosystem presence.
Recent partnerships have also bolstered MoonPay’s momentum. In October, it announced a collaboration with Ripple, yielding positive results following the approval of RLUSD in the US. November saw MoonPay surpass its 2023 trading volume records.
Looking ahead, MoonPay plans to leverage MiCA’s regulatory clarity to scale operations across Europe. By aligning with the new legal framework, the company aims to lead in digital asset services, establishing benchmarks for compliance and innovation in the crypto payments space.
This milestone signifies not just regulatory success for MoonPay but also a pathway to becoming a dominant force in one of the world’s largest regulated crypto markets.