Blockchain.com Wins MiCA License In ‘Controversial’ Malta

Blockchain.com, one of the oldest crypto platforms operating a wallet and blockchain explorer, has received regulatory approval in Europe as it ramps up compliance efforts.

Blockchain.com acquired a Markets in Regulation of Crypto Assets (MiCA) license from the Malta Financial Services Authority (MFSA), the company said on Thursday.

With the license, Blockchain.com can provide custody and wallet services in 30 European Economic Area (EEA) countries and plans to introduce institutional services, including treasury management.

“Prior to MiCA, the company 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 roof.

The new chief executive of the Malta Finance Association

“The regulatory clarity and strategic position of Malta make it an ideal hub for scaling Blockchain.com’s European operations,” said Blockchain.com Co-Founder and CEO Peter Smith.

To lead its EU strategy, Blockchain.com has appointed Fiorentina D’Amore, Chair of the Financial Institutions Association of Malta (FIMA), Senior Director of EU Business Operations and CEO of Blockchain.com Malta.

Launched in 2017, FIMA is an association representing licensed financial institutions in Malta, which aims to promote the industry in cooperation with local and pan-European regulators. With previous experience at major platforms including Bitpanda and eToro, D’Amore will oversee Blockchain.com’s operations across the EU with a focus on strategic growth.

“Using the momentum of our MiCA license, we will continue to strengthen the balance between innovation and compliance across the region,” said D’Amore.

Malta excels in the MiCA approach

Malta’s approach to issuing MiCA licenses has attracted attention and controversy in the EU.

In July, The MFSA has come under scrutiny of the European Securities and Markets Authority (ESMA), the main European supervisory authority of MiCA, for certain deficiencies in the authorization. The Maltese regulator later clarified that these problems posed no risk to the MiCA licensing processwhich underscores the country’s role as an early adopter of cryptocurrency regulation.

Malta also stands out in its stance against EU centralization of cryptocurrency oversight.

While member states such as France called on ESMA to take over direct supervision of Crypto-Asset Service Providers (CASP) Malta argued that it was too early to implement such a big change as MiCA was in in full force less than a year.

Related: France angers Binance and its rivals amid EU power struggle: Report

“It is premature to assess its full impact, particularly on CASP, and the MFSA believes that now is not the right time to introduce additional levels of oversight that could potentially hinder competitiveness and innovation in the digital asset market,” the regulator said. he said in a statement dated September 17.