Blockchain.com, considered one of the oldest crypto platforms that operates a wallet and blockchain explorer, has received regulatory approval in Europe as the corporate ramps up its compliance efforts.
Blockchain.com has received a MiCA (Markets in Crypto-Assets Regulation) license from the Malta Financial Services Authority (MFSA), the corporate announced on Thursday.
With the license, Blockchain.com is capable of offer custody and wallet services in 30 countries within the European Economic Area (EEA) and plans to launch institutional services, including treasury management.
“Prior to MiCA, the corporate operated in a fragmented regulatory environment,” a Blockchain.com spokesperson told Cointelegraph, adding that the license helps it consolidate these services across the EEA under a single regulatory umbrella.
New Managing Director of the Malta Financial Association
“Malta’s regulatory clarity and strategic position make it the best hub for scaling Blockchain.com’s European operations,” said Peter Smith, co-founder and CEO of Blockchain.com.
To lead its EU strategy, Blockchain.com has appointed Fiorentina D'Amore, a Chairperson of the Financial Institutions Malta Association (FIMA), as Senior Director of EU Business Operations and CEO of Blockchain.com Malta.
FIMA members include greater than 20 firms, including crypto firms like Bitpanda, Tether-related StablR and more. Source: FIMA
Established in 2017, FIMA is an association representing licensed financial institutions in Malta, with the aim of promoting the industry in collaboration with local and EU regulators. With previous experience at major platforms equivalent to Bitpanda and eToro, D'Amore will oversee Blockchain.com's operations across the EU, specializing in strategic growth.
“Leveraging the momentum of our MiCA license, we are going to proceed to enhance the balance between innovation and compliance across the region,” said D’Amore.
Malta is characterised by the MiCA approach
Malta's approach to issuing MiCA licenses has attracted each attention and controversy within the EU.
In July, the MFSA was investigated by the European Securities and Markets Authority (ESMA), Europe's major MiCA regulator, for certain regulatory deficiencies. The Maltese regulator later clarified that these issues didn’t pose a risk to its MiCA licensing process, underscoring the country's role as an early adopter of crypto regulation.
Malta can be notable for its stance against EU centralization in crypto supervision.
While member states equivalent to France have called on ESMA to take over direct supervision of crypto asset service providers (CASPs), Malta argued that it is simply too early to implement such a serious change as MiCA has only been in full force for lower than a 12 months.
“It is premature to evaluate the total impact, particularly on CASPs, and the MFSA believes that now shouldn’t be the time to introduce additional layers of supervision that would potentially hinder competitiveness and innovation within the digital asset market,” the regulator said in a press release on September 17.
