Crypto.com has obtained a MiCA license in principle, bringing the company closer to full regulatory compliance across the European Union.

The digital asset service provider has become one of the first major cryptocurrency exchanges to receive provisional approval under the EU Markets in Cryptoassets Framework.

The MiCA system enables companies to obtain passporting services across the bloc's 27 member states, provided they obtain approval from local financial regulatory bodies.

Crypto.com on January 17 statement It has not been specified which EU Member State has granted MiCA authorization in principle. However, the Singapore-based company is likely to receive approval from French authorities, as its European regional headquarters are in Paris.

Commenting on the development, Eric Anziani, Crypto.com President and COO, said the company believes the MiCA guidelines will boost confidence in the cryptocurrency sector by providing clear regulatory rules:

We have always been fully supportive of MiCA and strongly believe that it will bring clarity and transparency and establish a more streamlined sentiment towards regulation of our industry across the EU, all of which further builds confidence in the cryptocurrency sector.

Eric Anziani, Crypto.com President and COO

Several companies are vying for MiCA licenses, which represents the first comprehensive regulatory regime for cryptocurrencies in a major economic bloc. However, only a few companies have received approval so far as countries work to implement the bill's rules.

Last week, Dutch regulators Granted MiCA has licensed four cryptocurrency startups, including MoonPay. Boerse Stuttgart became the first German company to do so gets MiCA approval through BaFin. Meanwhile, Coinbase Applied to obtain a MiCA license in Ireland in 2023, and Circle filled The green light for the EU's inaugural MiCA last year.