• Bitvavo secured a MiCA license from the Netherlands Authority for the Financial Markets.

  • Other exchanges like Kraken, Coinbase, and Bybit also obtained MiCA licenses from regulators.

  • MiCA provides a unified regulatory framework for crypto firms, enhancing legal clarity.

Bitvavo cryptocurrency exchange, headquartered in the Netherlands, has been granted a license under Markets in Crypto-Assets (MiCA) by the Netherlands Authority of the Financial Markets (AFM). 

https://twitter.com/bitvavocom/status/1938533169642303520

Confirmed by a blog post, the license provides Bitvavo with an additional opportunity to provide its crypto asset services in all 30 countries comprising the European Economic Area (EEA). The license will enable the exchange to pursue its legally binding operation in EU countries under a unified regulatory framework established in 2023.

License Granted by Dutch Authority for the Financial Markets

Due to the MiCA license acquired by AFM, the company Bitvavo can provide services to the entire EEA market. This is driven by establishing MiCA regulation, which came into effect in December 2023. The regulation is supposed to achieve unification of the crypto asset regulations in the 27 European Union countries, as well as Iceland, Norway and Liechtenstein.

Bitvavo is one of several exchanges that received approval under the MiCA regime. The Netherlands awarded licenses to four exchanges when the rules first took effect last year. Bitvavo joins other major platforms such as Kraken, Coinbase, and Bybit, which have also secured MiCA licenses through regulators in different EU countries.

Other Exchanges Secured Licenses in Different Member States

While Bitvavo received its license from the Dutch AFM, other platforms took a different route. Kraken received its license from Ireland. Coinbase obtained approval in Luxembourg earlier in June. Bybit was granted its license by Austria in May. In addition, exchanges including OKX, Crypto.com, and Bitpanda were licensed in Malta.

Such diversity in the licensing jurisdictions is an attestation of the pan-European character of the MiCA regulation. Even though the license was distributed by national regulators, it brings access throughout all the EEA countries. In this mechanism, it becomes easy to comply and attract a wider market share to the licensed firms.

Bitvavo Expands European Presence

Prior to this license, Bitvavo already held crypto registrations in several European countries. These included France, Austria, Italy, and Spain. The company had also been in operation in the Netherlands, where it has its headquarters. Bitvavo will be able to streamline its operations with the new MiCA license and bring uniform service across the EEA.

The company said that the license is one of the steps on the way to developing its presence in the European market. Bitvavo is considered an important institution in the EUR spot market trading in the world. There also exists a general trend of exchanges trying to conform to EU regulations, exemplified by the license.

After MiCA enforcement started, crypto companies have been trying to license crypto firms to continue having access to European customers. The regulation system is aimed at bringing legal certainty and normal rules to operate in the market of digital assets. Every license granted under MiCA contributes to the current arrangement of crypto regulation in Europe.