MoonPay says it has secured approval under the Markets in Crypto-Assets (MiCA) regulation.
Ratified by the European Parliament in April 2023, MiCA establishes a unified regulatory environment for digital assets “across the European Economic Area (EEA)—the world’s second-largest crypto economy behind North America.” MiCA aims to regulate all types of digital assets with the exception of crypto which are deemed to be securities.
Their approval signals MoonPay’s readiness to deepen its European presence while maintaining “strict security standards and regulatory compliance.”
MoonPay’s co-founder and CEO, Ivan Soto-Wright said:
“This approval is a testament to MoonPay’s proactive approach to regulation and our commitment to building a trusted bridge between the traditional financial world and the rapidly evolving crypto ecosystem. MiCA represents a pivotal moment for the European digital asset industry, and we’re proud to have worked collaboratively with the Dutch AFM to be among the first to embrace this new regulatory framework.”
MiCA is effectively the first set of uniform rules to be enforced across a large geography. The framework goes into effect as of December 30, 2024.
As covered last month, MoonPay is pleased to announce that the Texas Department of Banking has granted MoonPay a Money Transmitter License in order to provide money transmission services in the Lone Star State.
Starting now, Texas residents can reportedly purchase 64 different cryptocurrencies on MoonPay with Venmo and PayPal, opening the door to millions of Texans “looking to enter the crypto space.”
At that time, Soto-Wright said Moonpay is committed to compliance and consumer protection.
“We look forward to continuing our close work with regulatory bodies to bring our crypto solutions to more users around the world.”
Texas is the “second-most” populous state behind California and a major hub for Bitcoin mining.
Current estimates indicate that over a fifth of voting-age Texans own crypto.
The team added that they plan to expand their services in Texas in 2025, allowing residents to sell cryptocurrencies, including BTC, ETH, and SOL.
MoonPay added both Venmo and PayPal (Venmo’s parent company) as payment methods earlier in 2024.
With the addition of Texas, MoonPay’s proactive approach to compliance has earned us 45 Money Transmitter Licenses, allowing them to “operate in diverse markets across the U.S.”