BitPay secured a MiCA license from the Dutch AFM this week, allowing the payment processor to serve EU clients after the July 1 deadline. The clearance comes as some larger rivals, including Binance, failed to obtain a license on time.
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BitPay, one of the oldest crypto payment processors, secured a MiCA license from the Dutch Authority for the Financial Markets this week. The authorization lets its European subsidiary operate across all 27 EU member states under the bloc's new regulatory framework.
The Atlanta-based company, founded in 2011, has raised more than $70 million from venture firms. It already holds money transmitter licenses in several U.S. states. The European operations will be based in Amsterdam, where BitPay plans to add staff and partnerships.
The license covers buying, selling, swapping, and spending digital assets, including Bitcoin and Tether's USDT, for both consumers and merchants. BitPay's platform converts crypto to fiat currencies like the euro and the dollar at settlement, avoiding price volatility for the seller.
Thom de Jong, BitPay's chief compliance officer for Europe, called the approval "an important milestone" that validates the firm's compliance approach. Jonathan Arler, head of Europe at BitPay, said the region is "one of the most important regions for the future of payments" and that the company sees growing demand for ways to spend and accept digital currencies.
The clearance comes days after the July 1 transitional deadline for the Markets in Crypto Assets Regulation expired. Several major players failed to secure a license on time. Binance, the largest crypto exchange by daily volume, missed the deadline. Coinbase, another U.S. exchange, did obtain a European permit.
Bruna Szego, chair of the EU's Authority for Anti-Money Laundering, warned Wednesday that the mass migration of users from unlicensed firms could overwhelm authorized platforms. The influx of new customers could strain services at compliant providers, she said.
BitPay's approval signals that the Dutch regulator is processing applications, though the pace of approvals remains uneven across the bloc. The company said it will continue investing in its European operations, strategic partnerships, and regulated payment infrastructure.
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