Crypto payments firm MoonPay has received regulatory approval to operate as a licensed crypto business in the Netherlands under the European Union’s Markets in Crypto-Assets (MiCA) framework. The approval comes as the MiCA regulatory framework becomes fully enforceable for crypto service providers in the EU.
Dutch Approval and MiCA Compliance
On December 30, MoonPay announced that the Dutch Authority for the Financial Markets had granted it a license under MiCA regulations. This regulatory framework, initially adopted in 2023, is designed to create a uniform set of rules for crypto asset service providers across the European Union.
MoonPay stated that the license allows the company to continue offering fiat-to-crypto on-ramps and crypto-to-fiat off-ramps for users in compliance with MiCA. Ivan Soto-Wright, co-founder and CEO of MoonPay, described the approval as a “pivotal step in solidifying the crypto industry’s role in the global economy.”
Transition Phase of MiCA Implementation
December 30 marked the end of MiCA’s implementation phase and the start of an 18-month transitional period. During this time, EU member states may allow crypto service providers to operate under existing laws until full compliance is required by July 2026.
The framework also permits businesses already operating in accordance with national regulations to continue offering services while their applications for MiCA licenses are reviewed.
MoonPay’s Role in the Crypto Ecosystem
Founded in 2018, MoonPay is a leading provider of fiat-to-crypto solutions, enabling users to buy and sell digital assets through platforms like PayPal. It serves customers across the United States, the United Kingdom, and the EU. Recent reports suggest MoonPay is in discussions to acquire Helio Pay, a crypto payment processor, in a deal valued at around $150 million.
MiCA’s Broader Impact on the Crypto Industry
The MiCA framework, introduced in 2020 and passed in 2023, represents a significant step in regulating the crypto market within the EU. Since June 30, stablecoins have been subject to MiCA enforcement, leading some exchanges to delist Tether’s USDt and similar assets.
With MoonPay’s recent approval, the company is well-positioned to expand its services under a clearer regulatory environment, potentially boosting trust and adoption across the European crypto
