Crypto.com has obtained an in-principle MiCA license, bringing the firm closer to full regulatory compliance across the European Union.

The digital asset service provider has become one of the first major crypto exchanges to secure provisional approval under the EU’s Markets in Crypto-Assets framework.

The MiCA regime enables businesses to passport services across the bloc’s 27 member states, provided they receive approval from local financial regulators.

Crypto.com’s Jan. 17 statement did not specify which EU member state granted its in-principle MiCA license. However, the Singapore-based firm likely secured approval from French authorities, as its European regional headquarters is located in Paris.

Commenting on the development, Eric Anziani, Crypto.com President and COO, said the company believes MiCA’s guidelines will boost confidence in the crypto sector by providing clear regulatory rules:

We have always been fully supportive of MiCA and strongly believe it will bring clarity, transparency, and establish a more streamlined sentiment towards the regulation of our industry across the EU, all of which adds to the building confidence in the crypto sector.

Eric Anziani, Crypto.com President and COO

Many companies are vying for MiCA licenses, which represent the first comprehensive regulatory regime for crypto in a major economic bloc. However, only a few firms have received approval so far as countries work to implement the bill’s rules.

Last week, Dutch regulators awarded MiCA licenses to four crypto startups, including MoonPay. Boerse Stuttgart became the first German company to obtain MiCA approval through BaFin. Meanwhile, Coinbase applied for a MiCA license in Ireland back in 2023, and Circle bagged the EU’s inaugural MiCA greenlight last year.