Nuvei has announced that it has received a CASP licence under the European Union's MiCAR, in order to operate under the EU's new regulatory framework for crypto assets.
Following this announcement, the MiCAR licence is expected to enable Nuvei to provide regulated crypto-asset services across the region of the European Union, as well as passporting those services across EU member states under a single and secure regulatory regime.
In addition, this process is set to significantly simplify expansion for merchants and platforms that are seeking to deploy crypto-enabled payment and settlement capabilities across multiple European markets.
Delivering regulated crypto-asset services and passporting them across the European Union
According to the official statement, under the licence, Nuvei will have the possibility to offer regulated crypto-asset services, including cryptocurrency storage and administration, transfers, as well as the exchange of crypto-assets into funds integrated into its broader global payments infrastructure. At the same time, this authorisation marks an important step in the convergence of payments and digital assets, as MiCAR brings long-needed regulatory clarity to Europe. Through the process of operating under this framework, the company is expected to help customers move value across crypto and traditional payment rails with security, consistency, and scale.
In addition to the MiCAR authorisation, Nuvei has also obtained a Payment Institution licence, which allowed the firm to enable services related to electronic money tokens (EMTs). Together, these authorisations are expected to give Nuvei the capability to further support crypto-asset, EMT, and fiat-based payment and settlement flows through the use of a unified, regulated platform.
For customers, the combined capabilities will provide several benefits and features, including simplified access to crypto payments across the region of Europe, compliant fiat-to-crypto and crypto-to-fiat flows, faster, more transparent settlement options, as well as reduced regulatory and operational complexity when scaling across EU markets.
With these licences, Nuvei is expected to serve both business clients and retail consumers: retail users will be given access to simple and accessible crypto services, while business customers will have the capability to benefit from solutions designed to support efficient settlements, crypto acceptance, and transparent, blockchain-based movement of funds which are fully integrated into broader payment, payout, and treasury workflows.
