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MiCA. Credit: Formatoriginal, Shutterstock
Bitvavo, the Dutch crypto platform, is now approved to operate in Europe.
Bitvavo, Europe’s biggest cryptocurrency trading platform, just received its full license under Markets in Crypto-Assets Regulations (MiCA). This is a milestone in the EU’s crypto industry.
Bitvavo now has the legal right to operate in all EU states as well as Norway and Iceland.
This is a significant milestone for Bitvavo as well as our users.” said Jeetan Patel, Chief Risk Officer at Bitvavo. “It enables us to offer our services across Europe under a single licence… We highly value the constructive collaboration with the AFM throughout this process. It has moved along smoothly.”
What is MiCA
The MiCA regulation, or MiCAR, aims to bring security and consistency to crypto trading within the EU by:
- Harmonizing rules for crypto service providers
- Improve consumer protection through regulatory clarity
- Eliminating the requirement for separate national registrations.
“We fully endorse the core principles set forth by MiCAR. Mark Nuvelstijn is the CEO and co-founder at Bitvavo. He said that for a level field in Europe it is important that the rules be formulated and applied consistently throughout all member states.
The license allows Bitvavo’s services to be expanded more efficiently throughout the EU and serve both retail clients and institutional customers. Users can expect to see:
- Access to a greater range of crypto assets
- App and trading platform streamlined
- Low fees with consistent user protection.
Bitvavo is expanding its footprint
Bitvavo was launched in Amsterdam, in 2018. It now boasts more than two million users. It is the biggest player on the EUR spot market in the world, a claim that highlights its ambitions to dominate Europe’s crypto landscape.
MiCA may bring much-needed regulation, but some critics say that it can stifle creativity.
Tell us what your thoughts are. Is this a sign of the maturation of crypto in the EU or of the overregulation of the industry?
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