4 crypto startups earn MiCA licenses from Dutch watchdog

Dutch regulators have issued new crypto licenses to four digital asset service operators, allowing them to operate anywhere in the European Union under MiCA.

MoonPay, BitStaete, FinTech ZBD and Hidden Road have been approved by the Dutch Financial Markets Authority to obtain Crypto Asset Markets licenses in the Netherlands.

Registering with the Dutch AFM paves the way for MoonPay’s crypto payment platform, BitStaete’s digital asset management business, FinTech ZBD’s Bitcoin lightning service and Hidden Road’s broker to operate in any of the EU’s 27 member states.

The four companies join the likes of Circle and Socios.com in securing regulatory clearances under the EU’s new regulatory route.

MiCA represents the first comprehensive set of crypto rules in a major block. Under the framework, companies must obtain a Crypto Asset Service Provider license from an EU member state.

The laws in the EU’s rulebook came into full force on December 30, and union members were expected to enforce the rules by then. However, countries have faced bottlenecks in MiCA implementation.

Britain, which left the EU in 2020, rushed to attract crypto business following the establishment of MiCA. Crypto trading company GRS Market recently received approval from the UK Financial Conduct Authority.

Meanwhile, companies with EU customers have removed non-compliant tokens from their platforms. Coinbase and other exchanges have delisted tokens like Tether’s (USDT) stablecoin as operators adjust to the new regulatory regime.