MoonPay receives MiCA approval to operate in the Netherlands

MoonPay has secured approval to operate as a licensed crypto business in the Netherlands under the European Union’s Markets in Crypto-Assets (MiCA) framework.

On December 30, MoonPay announced that the Dutch Authority for the Financial Markets had granted the firm a license in line with MiCA regulations.

This marks the full enforcement of the MiCA framework for crypto asset service providers operating within the EU.

According to MoonPay, the company will continue to offer fiat-to-crypto on-ramps and crypto-to-fiat off-ramps to users under its new Dutch license.

MoonPay co-founder and CEO Ivan Soto-Wright described the approval as a pivotal step in further integrating the crypto industry into the global economy.

December 30 also marked the end of MiCA's implementation phase and the beginning of an 18-month transitional period.

During this phase, EU member states can allow crypto asset service providers to continue operating while they await decisions on their licenses.

Firms already operating under existing laws are “grandfathered in,” enabling them to offer services until July 2026 or until regulatory authorities make further decisions.

MoonPay, founded in 2018, is a significant provider of fiat-to-crypto on-ramps, including through PayPal for customers in the United States, United Kingdom, and the EU.

Reports also suggest that the firm is in talks to acquire Helio Pay for approximately $150 million.

The MiCA framework, which was proposed in 2020 and passed in 2023, has already begun enforcing rules across various sectors of the crypto industry.

For example, stablecoins have been regulated under MiCA since June 30, prompting some exchanges to delist Tether’s USDT (CRYPTO:USDT).