BitPay obtains MiCA authorization in Netherlands, eyes stablecoin payment expansion
BitPay received approval from the Dutch Authority for the Financial Markets to operate as a crypto-asset service provider in compliance with Markets in Crypto-Assets regulations.
Digital currency payment processor BitPay has revealed that it obtained regulatory authorization from the Dutch Authority for the Financial Markets, enabling the firm to conduct business across European Union nations in accordance with the Markets in Crypto-Assets (MiCA) regulatory framework.
The payment company disclosed on Thursday that receiving the crypto-asset service provider (CASP) designation from Netherlands financial regulators would enable BitPay to broaden its offerings throughout the European territory, encompassing both cryptocurrency and stablecoin payment solutions. BitPay joined the ranks of recently authorized entities under MiCA regulations, which mandated compliance for all cryptocurrency service providers effective July 1.
Europe is one of the most important regions for the future of payments
Jonathan Arler, BitPay's European head
Despite numerous cryptocurrency firms making attempts to obtain regulatory approvals under MiCA regulations prior to the July 1 compliance deadline, several major trading platforms, including Binance, withdrew their preliminary applications with European Union regulatory bodies. Last week, Ripple made public that it had successfully obtained a CASP license through Luxembourg's financial regulatory authority.