KuCoin can now officially operate in Austria. The European arm of the cryptocurrency exchange obtained the license to offer its services in Austria, a key move that will allow it to operate legally throughout the European Economic Area (EEA). They announced on Friday that KuCoin EU received the license under the Markets in Crypto-Assets (MiCA) Regulation, which came into effect late last year. This pioneering regulatory system allows crypto companies to obtain a license in an individual market and then “passport” their services to the remaining 27 EEA countries.
This MiCA license significantly streamlines the process for crypto companies like KuCoin to expand their legal footprint in Europe. This news comes just days after the exchange, which claims to have over 40 million users in 200 countries, registered with Australia’s financial intelligence agency, Austrac. These consecutive regulatory actions underscore KuCoin’s strategy to strengthen its global position in key markets.
The achievement of KuCoin’s MiCA license consolidates its presence in the European market and sets a precedent for its future expansion. As the exchange continues its global growth, it will be crucial to observe how other EU member states implement MiCA and whether more similar licenses emerge, which could accelerate the institutional and retail adoption of cryptocurrencies across the continent.
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