BitPay wins Dutch MiCA license to expand stablecoin payments

BitPay announced Thursday that it secured a crypto-asset service provider (CASP) license from the Dutch Authority for the Financial Markets. The approval lets BitPay operate in European Union member states under the Markets in Crypto-Assets (MiCA) framework and expand its crypto and stablecoin payment services.

The license covers the provision of crypto payment services and stablecoin processing, allowing the company to offer its merchant and payment infrastructure more widely across member states.

MiCA came into force with a July 1 deadline that requires firms offering crypto-related services to be regulated. Firms must obtain national authorizations to operate under the EU framework.

Some large exchanges halted initial efforts to secure EU approvals after the deadline. Ripple received a CASP license from Luxembourg’s financial regulator last week.

Jonathan Arler, BitPay’s European head, described Europe as ‘one of the most important regions for the future of payments’ and added the authorization provides a legal basis to expand the company’s cryptocurrency and stablecoin payment offerings across the single market.

Regulators designed MiCA to set harmonized rules for crypto services and certain types of stablecoins. National approvals such as the Dutch CASP license allow companies to provide services across the single market under those rules.

BitPay has focused on merchant and business payment solutions for accepting crypto and stablecoins. The company engaged with European regulators as firms completed the licensing process; the CASP status gives EU partners a regulated provider option.