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Venga Seeks MiCA License as EU Crypto Crackdown Intensifies

Coin WorldWednesday, Jan 29, 2025 1:00 pm ET

1min read

Venga, a leading cryptocurrency service provider, has submitted a pre-application for a license under the European Union's Markets in Crypto-Assets (MiCA) regulation. This move aims to ensure compliant access to crypto-assets and align with the evolving regulatory landscape in Europe.

The submission comes as the European Securities and Markets Authority (ESMA) has called for crypto asset service providers in the EU to restrict non-MiCA-compliant stablecoins. In response, major exchanges such as Crypto.com and Coinbase have announced the delisting of USDT and other non-compliant cryptocurrencies. These delistings are part of a broader effort to regulate the cryptocurrency market, with full enforcement of MiCA regulations having commenced on December 30.

Crypto.com, for instance, will suspend the purchase of USDT and nine other cryptocurrencies on January 31, 2025, while supporting withdrawals until March 31, 2025. Any remaining holdings will be automatically converted into MiCA-compliant assets of equivalent market value. Coinbase, another major exchange, had previously announced the delisting of USDT in October 2024, offering conversions to compliant stablecoins like Circle's USD Coin.

The largest stablecoin by market capitalization, USDT, has a significant presence in the EU, with a valuation of $139 billion. Its primary competitor, USDC, which has been recognized as MiCA-compliant, holds a market cap of $52 billion. This shift in the crypto market landscape reflects the adaptation of service providers and exchanges to the evolving regulatory environment in Europe.

Venga's pre-application for a MiCA license demonstrates its commitment to compliance and responsible participation in the European cryptocurrency market. As the regulatory landscape continues to evolve, it is crucial for crypto asset service providers to stay informed and adapt to ensure compliant access to crypto-assets.

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