On July 1, the deadline for crypto firms to comply with MiCA laws culminated, pushing non-compliant firms out of the 27-country cluster. On June 3, the European Securities and Markets Authority (ESMA), refreshed its list of MiCA-registered companies. A total of 37 more crypto asset service providers (CASPs) were added to the lineup.
Standard Chartered secured its place on the list after it completed its MiCA registration on June 25. The bank registered secured the approval from Luxembourg along with an approval to operate as an Electronic Money Institution (EMI) in the EU.
“Securing our MiCA and EMI licences is a key step in progressing our digital asset journey in Europe. As institutional adoption accelerates, we are well positioned to support clients with secure and compliant solutions,” Margaret Harwood-Jones, the Global Head of Financing and Securities Services, Standard Chartered had said at the time.
FalconX, the institutional-grade prime broker, has also been added to ESMA’s MiCA-compliant register. The platform registered in Malta for this license before the July 1 deadline.
The digital asset bank Sygnum Europe along with digital asset platform Ronin EM and European asset servicing banking group CACEIS are among other platforms that have made it to EU’s MiCA compliant list.
The index now reflects a total of 284 registered entities, cleared to offer crypto and other digital assets services across the EU region. Kraken, BitStamp, Circle, Bitpanda, ByBit, and KuCoin are part of the list as well.
MiCA or the Markets in Crypto-Assets Regulation is a comprehensive crypto-focussed regulations enforced by the EU to bring bank-like laws for the crypto businesses. It includes mandates like reserve maintainence and fund separation to focus heavily on consumer protection against the risks of engaging with volatile assets.
Crypto firms found not adhereing to the MiCA rules in the EU would be subject to harsh consequence including massive fines of up to EUR 5 million or upto 12 percent of their global annual revenue.
Binance, touted among the largest crypto exchanges in the world, could not complete its MiCA registration process in time. The exchange will now be halting its services in the EU for the time being.
