Seychelles-based cryptocurrency exchange KuCoin has announced that it has obtained a Markets in Crypto Assets (MiCA) licence in Austria.
Through this, KuCoin is set to be able to provide regulated crypto-asset services across all 27 EU member states. Additionally, receiving the approval enables the exchange to fully leverage the EU’s passporting system, which allows a firm licensed in one member state to extend its services throughout the European Economic Area (EEA).
Facilitating regulated crypto access
Coming into effect in 2024, MiCA created a standard set of regulations regarding the work of digital asset service providers across the EU. The framework allowed companies to seek authorisation in one jurisdiction and extend the region without having to undergo further applications in different regions.
The issuance of a MiCA licence in Austria includes the country in the list of jurisdictions actively implementing the framework. When it comes to KuCoin, the approval is set to allow the company to offer regulated services across the EEA. Additionally, the company has chosen Vienna as its European location, based on regional location, regulatory environment, and the availability of regional specialists in the sector in Austria.
The receipt of the licence follows an earlier application that KuCoin’s European division has submitted as part of a broader project to meet the region’s needs and advance its presence in Europe. The newly obtained permission moves the subsidiary to the application stage and full regulation by Austria.
Furthermore, recently, KuCoin also got registered with the Australian Securities and Investments Commission (ASIC) and AUSTRAC, with the company now being able to legally provide exchange services in Australia. Obtaining these approvals in Austria and Australia further supports KuCoin in expanding its regulated footprint across the world.
According to its data, KuCoin’s services are leveraged by more than 400 million users from 200 countries. However, the MiCA licence only applies to solutions provided in the EEA under the supervision of the Austrian Financial Market Authority (FMA).
