Crossmint has received Markets in Crypto-Assets Regulation authorisation from Spain’s securities regulator CNMV to operate across the European Union.
The approval allows Crossmint to passport its stablecoin infrastructure services across all 27 EU member states.
Crossmint general counsel Miguel Angel Zapatero said the firm was held to the same standards as traditional financial institutions.
MiCA creates a level playing field and brings certainty to clients who were not confident enough in crypto technology.
Miguel Angel Zapatero said.
Zapatero added that MiCA marked the end of the sector’s “wild wild west” era through consistent standards and enforcement.
The licence covers fiat-to-crypto exchange, crypto asset custody and transfers between wallets and blockchains.
Crossmint said it focuses on providing stablecoin infrastructure for businesses rather than operating a retail trading platform.
The authorisation process took more than 18 months and included detailed reviews of AML and counter-terrorism financing controls.
Crossmint co-founder Rodri Fernández Touza said client demand is rising as the MiCA grandfathering period nears its end.
We are ready to absorb this demand and provide regulatory footing clients can plug into.
Rodri Fernández Touza said.
Fernández Touza said many firms will be forced to exit or migrate as non-compliant providers face enforcement pressure.
Crossmint expects to be formally listed on the European Securities and Markets Authority public register following administrative steps.
Regulators across Europe are increasing pressure on crypto firms that fail to secure MiCA authorisation.