Due to the entry into force of the new law for Cryptographic Asset Markets in Europe, better known as the MiCA Law, regulators in the Netherlands have already begun to grant licenses to companies and digital currency exchanges interested in registering in that country.
This is revealed by a report published by CoinDesk, which indicates that MoonPay, BitStaete, ZBD and Hidden Road became the first four entities to be certified as service providers with digital assets in the Netherlands, a license issued by the Dutch Authority to the Financial Markets (AFM), this in accordance with the recently implemented MiCA Law, which came into effect just before the end of 2024.
As established by the MiCA Law, companies in the crypto sector that wish to carry out commercial activities in European territory must access a Crypto Asset Service Provider (CASP) license. Obtaining it in any jurisdiction of the European Union would entitle the entity to offer its operations throughout the region.
While the Netherlands has already issued the first licenses for crypto services that are registered locally, various reports ensure that many other jurisdictions are still in the process of preparing to adjust regulations to this new regulatory regime.
According to CoinDesk, after its approval, the European Parliament ruled that member countries had until December 30, 2024 to adjust and implement the MiCA Law. However, there seem to be certain nations in the bloc that are still working to adapt their frameworks, so there are jurisdictions that would already be further ahead than others in the eyes of interested companies and companies.
For example, take the case of France, which since August last year indicated that it was ready to grant licenses in accordance with the provisions of the MiCA Law. Specifically, they cited the case of the Financial Markets Authority (AMF), which has more than 74 companies in the crypto sector under its charge, which have been renewing licenses over the past few months.
As for the new law, MiCA was officially approved in 2023 after European lawmakers spent three years developing cryptocurrency-specific regulation. Taking a comprehensive approach, the framework covers cryptocurrency companies such as issuers, exchanges and wallet providers, and introduces a licensing system between all members of the block.
Source: Angel Di Matteo / DiarioBitcoin.
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