As the cryptocurrency industry continues to mature, regulatory clarity remains a top priority for major players aiming to expand across Europe. Blockchain.com, one of the longest-standing crypto platforms, has achieved a significant milestone by securing a regulatory license under the new EU framework, signaling its commitment to complying with evolving rules and fostering institutional growth within the region. This move not only underscores Malta’s strategic role in crypto regulation but also highlights the differing approaches within the EU toward centralized oversight of digital assets.
Key Takeaways
- •Blockchain.com secures a Markets in Crypto-Assets Regulation (MiCA) license from Malta’s Financial Services Authority, expanding its operations across the EU.
- •The license authorizes the firm to provide custody and wallet services in 30 European Economic Area (EEA) countries and to launch institutional offerings.
- •New leadership appointment from Malta’s financial sector aims to bolster Blockchain.com’s EU expansion and strategic growth.
- •Malta’s proactive approach to crypto regulation under MiCA has attracted both praise and scrutiny from EU authorities.
- •Differences in EU countries’ stance on crypto supervision highlight ongoing debates over centralization and regulatory harmonization.
Regulatory Milestone Under MiCA
Blockchain.com, renowned for its longstanding presence in the crypto space through its wallet and blockchain explorer services, has announced a major step in its European expansion. The company received a Markets in Crypto-Assets Regulation (MiCA) license from the Maltese Financial Services Authority (MFSA). This approval grants Blockchain.com permission to operate its custody and wallet services throughout 30 countries in the European Economic Area (EEA), with plans to introduce new institutional services, including treasury management solutions.
"Prior to MiCA, the company operated within a fragmented regulatory environment," a Blockchain.com spokesperson told Cointelegraph. "The license enables us to unify our services across the EEA under a streamlined regulatory framework, facilitating growth and compliance."
New Executive Leadership to Drive EU Expansion
To spearhead its European strategy, Blockchain.com appointed Fiorentina D’Amore, chair of the Financial Institutions Malta Association (FIMA), as senior director of EU business operations and CEO of Blockchain.com Malta. With previous experience at major platforms like Bitpanda and eToro, D’Amore will oversee the firm’s expansion efforts across the continent.
Founded in 2017, FIMA promotes a collaborative approach to regulation within Malta’s financial sector, working closely with EU authorities. D’Amore’s expertise is expected to propel Blockchain.com’s regional growth while maintaining a focus on innovation and compliance.
"Leveraging the momentum of our MiCA license, we will continue to foster innovation while adhering to high regulatory standards throughout Europe," D’Amore stated.
Malta's Distinct Approach to MiCA Regulation
Malta’s proactive licensing approach has drawn both admiration and scrutiny within the EU. In July, the MFSA faced criticism from the European Securities and Markets Authority (ESMA) over certain procedural issues. However, Malta’s regulator clarified that these matters did not threaten the integrity of its MiCA licensing process.
Malta also maintains a cautious stance against EU moves toward greater centralization. While countries like France advocate for direct supervision of crypto service providers by ESMA, Malta argues that such changes are premature, given that MiCA has been in effect for less than a year. The MFSA emphasized that additional supervision layers could hinder innovation and competitiveness within the rapidly evolving digital asset landscape.
"It is premature to assess the full impact of MiCA on CASPs. We believe now is not the time to introduce new layers of oversight that may stifle growth," the MFSA stated on September 17.
This regulatory environment illustrates how Malta’s early adoption and strategic approach position it as a noteworthy hub for crypto businesses within Europe, balancing innovation with regulatory compliance in the face of ongoing debates. As the EU works toward more harmonized standards, Malta’s role in shaping crypto regulation remains influential in the broader landscape of blockchain innovation.