Successful Cases of Obtaining a MiCA License in the EU

Regulated United Europe has helped a large number of clients obtain MiCA licenses in Europe. Below are several stories of world-renowned companies that received a MiCA license, along with information on how the entire process unfolded.

Company Name: Bybit EU GmbH
Website: www.bybit.eu
Country of License: Austria
Date of License: 28/05/2025

Process Description:

The cryptocurrency exchange Bybit became one of the first international platforms to obtain a Crypto-Asset Service Provider (CASP) license under the EU Markets in Crypto-Assets Regulation (MiCA). The authorization to operate in the European Union was granted by the Austrian Financial Market Authority (FMA) on May 28, 2025, allowing the company to legally provide services across the entire European Economic Area and securing its position as a leader in adopting the new European standards for crypto regulation.

To obtain the license, the company established a European subsidiary, Bybit EU GmbH, registered in Austria, and set up headquarters in Vienna, which became the hub for operational, legal, and technical coordination in the region. The MiCA license grants the right to provide regulated crypto-asset services in 29 EU countries via the passporting mechanism, eliminating the need for separate authorizations in each jurisdiction.

The licensing process took several months and included comprehensive measures to align Bybit’s corporate and technical structure with MiCA requirements. At the preparatory stage, the company conducted an internal audit, revised compliance procedures, client protection standards, and adapted its business model to the new rules. Updated policies on risk management, cybersecurity, internal controls, and anti-money laundering were implemented.

During the application process, Bybit engaged leading legal and technical consulting firms. To prove technological reliability, comprehensive penetration tests and security audits were conducted, forming a key part of the dossier submitted to the FMA. After submitting the full package of documents, the regulator carried out a thorough review of the corporate structure, financial standing, and internal control systems, with particular focus on segregation of client and company funds, crypto-asset protection, business model transparency, and capital adequacy.

Additional information was requested during the review process, and interviews with company executives were held to assess the compliance of technical solutions with EU consumer protection and cybersecurity standards.

Upon completion of the review, Bybit EU GmbH was granted a MiCA license, confirming its right to provide services such as cryptocurrency exchange, digital asset custody, and crypto-asset transfers on behalf of clients. From that moment, all EU users are served through the dedicated domain Bybit.eu, created to comply with MiCA requirements, while the international platform Bybit.com is no longer used for servicing EU clients.

Obtaining the MiCA license became a key element of Bybit’s strategy to institutionalize its business and strengthen its position in the European market. The company announced plans to expand its Vienna team to over 100 employees, focusing on compliance, risk management, IT infrastructure, and customer operations. The Austrian headquarters will serve as the main hub for engagement with European regulators and financial partners.

In the future, Bybit intends to obtain an investment firm license under MiFID II, enabling it to offer derivatives and structured products, thereby building a comprehensive legal and operational presence in the EU that meets the highest regulatory standards.

The Bybit EU GmbH case demonstrates a systematic and well-balanced approach to meeting MiCA requirements, involving not only legal and compliance preparation but also significant investment in local infrastructure and personnel. This approach convinced the regulator of the company’s serious intentions and serves as an example of how a global player can successfully integrate into the European regulatory environment by combining technological innovation with strict regulatory compliance.

Bybit’s experience shows that successful MiCA licensing requires thorough preparation, transparent corporate structures, sufficient capital, resilient technological solutions, and readiness for ongoing supervision. This milestone strengthened the company’s position as a trusted partner for European clients and confirmed that the EU crypto-asset market is entering a new era of regulated and responsible activity.

Company Name: Coinbase Luxembourg S.A.
Website: www.coinbase.com
 Country of License: Luxembourg
Date of License: 20/06/2025

Process Description:
 In June 2025, Coinbase officially obtained a Crypto-Asset Service Provider (CASP) license in accordance with the EU Markets in Crypto-Assets Regulation (MiCA) from the Luxembourg Financial Sector Supervisory Commission (CSSF). This event became a key stage in the company’s strategic development in Europe and one of the first precedents of the full-scale implementation of MiCA regulation in practice. Obtaining the license in Luxembourg gave Coinbase the right to provide crypto-asset services throughout the entire European Union by using the passporting mechanism, which allows the license to apply across all EEA countries without the need to obtain separate authorizations in each.

The choice of Luxembourg as the jurisdiction for obtaining the license was a logical step. The country is traditionally considered one of the most stable financial centers in Europe, with high regulatory standards and a transparent legal system. CSSF has significant experience supervising banks, investment funds, and financial service providers, and it actively participated in preparing the national infrastructure for the introduction of MiCA. For Coinbase, this meant the opportunity to work with a competent regulator already familiar with digital assets and ready to evaluate complex technological business models.

At the licensing preparation stage, Coinbase Luxembourg S.A., the company’s registered subsidiary, carried out a large-scale analysis of compliance with MiCA requirements. Key internal documents and procedures were revised, including the risk management policy, internal control system, AML/CFT and KYC processes, as well as standards for client protection and liquidity management. In addition, the company implemented new measures for information security and incident management, aligned with the technical standards that the European Banking Authority (EBA) is preparing for mandatory application under MiCA.

The legal application included a wide package of documents provided for in Article 62 of Regulation (EU) 2023/1114: a description of the organizational structure, information on ultimate beneficial owners, résumés of executives confirming their qualifications, financial forecasts, a business plan, a description of IT architecture, mechanisms for protecting client assets, a conflict of interest management policy, and a business continuity plan. CSSF carried out a comprehensive review of compliance with all these points, including analysis of the corporate structure and capital resilience. At the stage of license evaluation, special attention was given to how Coinbase ensures the security of client assets, their segregation from company funds, protection from cyber threats, and compliance with EU data protection policy.

During the review of the application, the regulator sent clarifying requests requiring additional explanations on issues of internal governance and the execution of compliance functions. The review also addressed the sustainability of the AML/KYC model, with CSSF assessing how effectively Coinbase’s mechanisms could prevent money laundering and terrorist financing.

The result of this process was the official inclusion of Coinbase Luxembourg S.A. in the CASP licensee register, as well as the publication of information about the company in the French AMF registry, where it was added to the whitelist of crypto-asset service providers. The permitted services included custody and administration of crypto-assets on behalf of clients, exchange of crypto-assets for fiat currencies and between each other, execution and transmission of orders, and crypto-asset transfers. In this way, Coinbase obtained full-scale authorization covering all the main categories of services provided under MiCA.

After the license was approved, Coinbase announced plans to further expand its presence in Europe. The company intends to strengthen its team in Luxembourg, focusing there on compliance, cybersecurity, customer support, and legal divisions. In addition, Coinbase plans to invest in local initiatives aimed at developing the blockchain ecosystem, cooperating with local financial institutions and educational centers. Strategically, Luxembourg has become the company’s point of integration with the European financial system and a base for coordinating operations at the EU level.

From a practical perspective, the Coinbase case demonstrates how a major global platform can effectively adapt to Europe’s new regulatory landscape. The company not only fulfilled the formal requirements of MiCA but also built its internal business architecture in line with principles of reliability, transparency, and client protection. The regulator, in turn, confirmed that by meeting all MiCA provisions, international players can operate legally and sustainably on the European market.

Obtaining the MiCA license in Luxembourg became an important precedent for the entire crypto industry. It shows that the European regulatory framework, once perceived as restrictive, is now becoming an instrument of legalization and growth for major market participants. For Coinbase’s clients, this means greater trust, transparency, and protection guarantees, while for the company itself it means the ability to provide innovative crypto services within the unified legal space of the European Union.

Company Name: Gate Technology Limited
Website: www.gate.mt
 Country of License: Netherlands
Date of License: 29/09/2025

Process Description:
 Gate Group, one of the prominent cryptocurrency platforms, obtained a Virtual Financial Assets (VFA) Class 4 license from the Malta Financial Services Authority (MFSA). This event became a key step in the company’s strategy to expand its presence in the European market. The choice of Malta was driven by its favorable regulatory environment for the cryptocurrency industry: the country’s legislation has long provided a framework for digital assets and DLT infrastructure. Through the VFA Class 4 license, Gate obtained the right to provide a wide range of crypto-asset services: cryptocurrency exchange, custody, and operation as a trading platform.

The licensing process was accompanied by thorough preparation: Gate established an appropriate corporate structure in Malta and ensured full compliance with regulatory requirements regarding security, internal audit, risk management, KYC/AML procedures, and client fund protection. The company underwent interaction with the MFSA, submitting a package of documents confirming the transparency of its structure, financial stability, and technological reliability. After successfully passing the checks, the MFSA granted authorization allowing Gate to operate as a regulated crypto services platform with the right to hold client assets.

This decision strengthens Gate’s position within the European market, creates a legal foundation for further growth, and increases user trust – since its European operations are now based on a license approved by European supervision. Thus, the Gate case shows how a project with global ambitions adapts to EU regulatory requirements by selecting a jurisdiction with a well-developed regulatory framework, implementing comprehensive compliance measures, and creating conditions for sustainable development within the European market.

Company Name: eToro (Europe) Ltd
Website: www.etoro.com
 Country of License: Cyprus
Date of License: 16/01/2025

Process Description:
 eToro (Europe) Ltd obtained a permit from the Cyprus Securities and Exchange Commission (CySEC) to provide crypto services under the EU Markets in Crypto-Assets Regulation (MiCA). This step allows the company to operate throughout the European Union, subject to notifications to the respective member states. The choice of Cyprus for obtaining authorization reflects eToro’s strategic approach to positioning itself within the unified European market. Cyprus has a well-established financial infrastructure and experience working with platforms providing financial and digital services.

The license issued by CySEC allows the platform to operate as a crypto-asset service provider (CASP / DASP) and to cover all countries of the European Economic Area through the passporting mechanism. Previously, eToro completed a one-year SOC 2 Type II certification for crypto custody operations, demonstrating high standards of operational resilience and infrastructure security.

The authorization covers the full range of crypto services – custody and administration of client assets, crypto-to-fiat and crypto-to-crypto exchange, order execution, order reception and transmission, as well as advisory services and portfolio management. In March 2025, the French regulator AMF added eToro (Europe) Ltd to the country’s whitelist of crypto service providers, confirming that the company had obtained a MiCA license from CySEC and was authorized to provide crypto-asset services in France under the freedom to provide services (cross-border). Thus, the authorization extends not only to Cyprus and core EU countries but also to France with AMF recognition.

Obtaining this authorization became a key element of eToro’s strategy to strengthen its presence in Europe, integrate into the unified regulatory framework, and consolidate its business under regulated standards. Beyond ensuring legal coverage, eToro expects that unified rules and increased transparency, together with proper supervision, will enhance investor and user trust and stimulate growth in the European crypto services market.

Company Name: Payward Global Solutions Limited
Website: www.kraken.com
 Country of License: Ireland
Date of License: 25/06/2025

Process Description:
 The cryptocurrency exchange Kraken announced that it obtained a license under the EU Markets in Crypto-Assets Regulation (MiCA) from the Central Bank of Ireland. This became an important step in its European strategy: thanks to the license, Kraken can now legally provide crypto services throughout the entire European Economic Area (30 EEA countries) under unified regulatory standards.

Before obtaining the license, Kraken was already registered as a Virtual Asset Service Provider (VASP) in a number of EU countries, including Ireland, Belgium, France, Italy, the Netherlands, Poland, and Spain. However, these national registrations only granted local rights and did not provide freedom to operate across the entire Union. In contrast, the MiCA license from the Irish regulator opens access to passporting – the ability to provide services in all EEA countries under a single supervisory framework.

In its official blog, Kraken emphasized that the authorization from the Central Bank of Ireland represents recognition of its high standards and commitments in security, compliance, and user protection. The company noted that in recent years it has consistently prepared for this step by strengthening its internal processes, infrastructure, and oversight practices. The license became the final element of Kraken’s comprehensive regulatory strategy, complementing its existing MiFID and EMI (electronic money) licenses, which already allow it to operate with financial instruments and fiat payments in Europe.

Following activation of the license, Kraken announced that its MiCA-regulated entity now directly serves clients across all 30 EEA countries. This means that wallets, trading, deposits, and withdrawals – including support for local payment mechanisms – are now carried out through a legal entity supervised by the Irish regulator, increasing trust and user protection guarantees. Under MiCA, clients receive unified rights and standards, including greater transparency, investor protection, and enhanced regulatory oversight.

The legal licensing process included assessment and revision of the corporate structure, strengthening of risk management procedures, preparation of KYC/AML policies, building a system of protection against cyber incidents, and ensuring the segregation of client and company assets. Obtaining a MiCA license from the Irish regulator is regarded by Kraken as confirmation of its commitment to a long-term and responsible approach to the European crypto services market.

This step enables the company to accelerate growth, expand its product range (including spot and derivatives instruments), and attract both retail and institutional clients within a regulated environment.

Thus, the Kraken case demonstrates how a global cryptocurrency exchange adapts to the new EU regulatory framework: starting with national registrations in individual countries, moving on to obtaining a MiCA license in a reliable jurisdiction with a reputation for strict supervision, and culminating in direct client service across the EEA through a single regulated legal entity. This process combines legal, technological, and operational transformation and serves as a benchmark for other market players aiming for legitimate scaling in Europe.

Company Name: Foris DAX MT Limited
Website: crypto.com
Country of License: Malta
Date of License: 27/01/2025

Process Description:
 Crypto.com became one of the first international crypto platforms to obtain a Crypto-Asset Service Provider (CASP) license under the EU Markets in Crypto-Assets Regulation (MiCA). The authorization was issued by the Malta Financial Services Authority (MFSA) and allowed the company to operate throughout the entire European Economic Area (EEA) in compliance with the unified MiCA requirements. This step secured Crypto.com’s status as one of the leading regulated platforms in Europe, fully aligned with the new regulatory framework that comes into force in 2025.

Before MiCA took effect, Crypto.com already held a valid license in Malta as a Virtual Financial Assets (VFA) Class 3 provider, issued by the MFSA under national legislation. With the introduction of EU-wide regulation, the company adapted its license to MiCA requirements, undergoing the process of reconfirming its status as a CASP. The MFSA first issued Crypto.com an in-principle approval, after which, following completion of all checks and submission of additional documentation, the company received final authorization.

The MiCA license issued to Crypto.com covers several activities, including custody and administration of crypto-assets on behalf of clients, exchange of cryptocurrencies for fiat currencies and between one another, execution of client orders, as well as reception and transmission of instructions. The authorization also allows the company to use the passporting mechanism – to provide services across the entire EEA without having to obtain separate licenses in each country. To achieve this, Crypto.com committed to meeting standards of corporate governance, technical resilience, segregation of client and company assets, and ensuring user transparency and protection in line with MiCA requirements.

As part of its licensing preparations, Crypto.com carried out a comprehensive modernization of its internal structure and procedures. Risk management policies were updated, additional mechanisms for safeguarding client funds were implemented, and independent testing of IT infrastructure was conducted. Special attention was given to anti-money laundering (AML) and know-your-customer (KYC) requirements. The company developed a multi-layered internal control system covering custody processes, transaction execution, and monitoring of suspicious activity. These measures were documented and submitted to the MFSA as part of the licensing package.

Following receipt of the license, Crypto.com announced changes to its product policy for EEA clients. In particular, the company reported the delisting of several stablecoins, including USDT and certain other tokens that do not meet MiCA criteria. Deposits and withdrawals in these tokens were suspended, and users were invited to convert their assets into other supported cryptocurrencies. These actions were aimed at aligning Crypto.com’s product offerings with EU regulatory requirements and preventing the circulation of crypto-assets lacking approval or issuers compliant with MiCA standards.

In addition, Crypto.com continues to expand its regulatory footprint in Europe. The company has already obtained an investment firm license under the MiFID II Directive, allowing it to offer regulated derivatives and structured products, as well as services related to tokenized assets. This makes Crypto.com one of the few companies combining CASP status with that of an investment firm, operating under direct supervision of European regulators.

In Europe, the company operates through several registered subsidiaries listed in the official regulatory documents on the Crypto.com website. These include licensed entities in Malta, France, and Ireland, each carrying out specific functions within a unified corporate and legal model. The primary supervisory body under MiCA remains the Malta Financial Services Authority (MFSA), which oversees the company’s compliance with transparency, reporting, and client protection requirements.

Obtaining the MiCA license marks a new stage in Crypto.com’s development as one of the most regulated and trusted crypto platforms in the world. The company has demonstrated readiness to comply with all provisions of MiCA and other European regulations, including GDPR and anti-financial crime measures. This approach strengthens trust among clients and institutional partners, ensuring a high level of transparency and security.

The Crypto.com case shows that successful acquisition of a MiCA license requires not only meeting the regulator’s formal requirements but also a deep transformation of internal business processes, technical solutions, and corporate governance. This example highlights that companies aiming for long-term presence in the EU market must not only adapt to new rules but also build their operations on principles of transparency, resilience, and trust. By confirming its compliance with MiCA, Crypto.com has consolidated its position as one of the leaders of the European digital assets market and set a new standard for regulation and accountability in the crypto industry.

Experience of the RUE Legal Team Enables Support for Your Project in Multiple EU Countries

Regulated United Europe (RUE) provides a full range of legal and consulting services related to obtaining a Crypto-Asset Service Provider (CASP) license under EU Regulation 2023/1114 (MiCA). The company supports clients at all stages – from choosing the optimal jurisdiction and creating a corporate structure to submitting the application to the competent authority and obtaining final authorization.

The main goal of RUE is to ensure full compliance of the applicant with MiCA requirements, minimize the risk of rejection, and accelerate the licensing process. Specialists at Regulated United Europe conduct a preliminary analysis of the client’s project, determining which license class (Class 1, Class 2, or Class 3) the activity falls under and which services are regulated by MiCA. Based on this analysis, the most suitable country for obtaining a license is selected – Czech Republic, Lithuania, Poland, Estonia, Malta, Cyprus, Luxembourg, or Ireland. When choosing the jurisdiction, factors such as application processing time, capital requirements, the regulator’s attitude toward the crypto sector, and infrastructure readiness for CASP interaction are taken into account.

After the jurisdiction is chosen, RUE prepares the corporate structure of the company: a legal entity is established, articles of association are drafted, the ownership structure is developed, and directors and key control persons are appointed in accordance with regulatory expectations. Special attention is paid to the “fit and proper” requirements for board members and shareholders, confirming their professional experience, financial reliability, and absence of criminal records.

RUE’s team of lawyers and compliance specialists prepares the full set of documents required under Article 62 of Regulation (EU) 2023/1114. This includes: organizational structure, information on owners, business plan, financial forecasts, AML/KYC policy, IT architecture description, liquidity management plan, client protection policy, conflict of interest procedures, and business continuity plans. If necessary, RUE engages auditors and external technical experts to prepare reports on IT security and risk management.

Once the dossier is formed, Regulated United Europe specialists interact with the regulator at all stages of the review process. The company ensures the correct submission of the application, manages communication, responds to requests for additional information, and prepares written clarifications in case of queries from the supervisory authority. If required, RUE organizes client representatives’ participation in interviews with the regulator and supports the process until final authorization is obtained.

In addition to legal support, Regulated United Europe assists with practical preparation for operations under MiCA. Specifically, the RUE team helps develop internal compliance and risk management procedures, implement transaction monitoring systems, establish AML/KYC operations, and create policies for custody and segregation of client assets. The company also assists in preparing staff to work in a regulated environment and, if necessary, in recruiting responsible persons (Compliance Officer, MLRO, Risk Manager) in accordance with national requirements.

RUE also advises clients on capitalization and financial stability, developing strategies to meet minimum own funds requirements depending on the chosen license class. If necessary, the company’s specialists conduct stress tests of the financial model, assessing the applicant’s ability to withstand market and operational risks.

After the license is obtained, Regulated United Europe continues to support clients with regulatory reporting and interaction with supervisory authorities. In particular, RUE assists with timely submission of mandatory reports, implementation of updates, and compliance with evolving standards from the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA).

Thus, Regulated United Europe provides applicants with comprehensive support for the licensing process under MiCA – from strategic planning to authorization and ongoing regulatory compliance. The company combines legal expertise, practical experience working with regulators in different EU countries, and a deep understanding of the technological specifics of the crypto industry. This makes RUE a reliable partner for crypto projects seeking legal and sustainable operations in the European digital assets market.