MoonPay Receives MiCA Approval in the Netherlands, Solidifying Its EU Operations
Crypto payments provider MoonPay has secured approval to operate as a licensed crypto business in the Netherlands under the European Union’s Markets in Crypto-Assets (MiCA) framework. This approval marks a significant milestone in the firm’s operations within the EU.
Key Highlights:
- MiCA Approval: MoonPay has been granted a license by the Dutch Authority for the Financial Markets to operate under MiCA regulations.
- Regulatory Framework: MiCA, which was adopted in 2023, became fully enforceable on Dec. 30, 2024, for crypto asset service providers within the EU.
Under the Dutch license, MoonPay will continue to provide fiat-to-crypto on-ramps and crypto-to-fiat off-ramps to its users in the Netherlands. MoonPay’s co-founder and CEO, Ivan Soto-Wright, highlighted that this approval is a pivotal step for the crypto industry, reinforcing its role in the global economy.
MiCA’s Transitional Phase
The end of Dec. 30 marked the conclusion of MiCA’s implementation phase and the start of an 18-month transitional phase. During this period, EU member states can allow crypto asset service providers to continue operating under their current jurisdictions. Companies that were already compliant with existing laws will be allowed to continue offering services until July 2026 or until authorities finalize their licensing decisions.
Additional Key Information:
- MoonPay’s Role: Founded in 2018, MoonPay is a major provider of fiat-to-crypto on-ramps, facilitating crypto transactions for users in the US, UK, and EU, including through partnerships with platforms like PayPal.
- Expansion Talks: Reports suggest that MoonPay is in discussions to acquire Helio Pay for around $150 million.
Since the proposal and adoption of MiCA in 2020 and 2023, the EU has begun enforcing rules impacting various sectors of the crypto industry, including stablecoins, which have been subject to regulation since June 30, 2024.
