MiCA Grants Boerse Stuttgart Groundbreaking Crypto License In Germany

Boerse Stuttgart Digital Custody has become the first company in Germany to get a full license to handle crypto under the European Union’s new Markets in Crypto-Assets Regulation (MiCA). Boerse received a license for all of Europe as part of its plan to become a trusted system for brokers, banks, and asset managers.

The company got the license on Jan. 17 from Germany’s Federal Financial Supervisory Authority, also called BaFin. Bernd Stockmann, who leads group communications at Boerse Stuttgart Group, shared the news in an email, stating that the firm can now offer crypto services in Europe thanks to this licence.

MiCA Allows Governments To Take Legal Action Against Noncompliant Platforms

The license was given about two weeks after MiCA, the world’s first universal digital asset regulatory system, became official for crypto services on Dec. 30, 2024.

While MiCA is seen as a good move for global crypto rules, some people worry about too much regulation.

Dmitrij Radin, the founder of Zekret and chief technology officer of Fideum, a company that builds blockchain tools for businesses gave his opinion regarding the licence approval. He noted that it’s an important step to make the crypto world more mature, but it also wants to find the “weak spots” in the crypto space. He added that this could mean more inspections for everyday users of crypto platforms,

Radin said regular users will have to give more info, and their data will be checked. They will be tracked and most people in Europe will have to pay taxes.

The rules also make it possible for governments in Europe to take actions against  blockchain platforms that don’t follow MiCA. Legal actions could be taken against noncompliant platforms while the rules are being put in place.

Some of the largest financial institutions in the world have been getting ready for MiCA since early 2024. Societe Generale, the 19th-biggest bank in terms of assets, teamed up with Bitpanda to introduce a MiCA-compliant stablecoin called EUR CoinVertible (EURCV).

Binance Updated Its Rules In Poland To Meet MiCA Requirements

Binance, another big name in crypto, also changed how people can deposit and withdraw cryptocurrency in Poland to follow MiCA. In a blog post on Jan. 17, Binance stated that from Jan. 20, users may need to give more details when sending or withdrawing crypto.

The new rules cover crypto deposits over 1,000 euros ($1,030.80) and all withdrawals. For deposits, users must give the sender’s full name, country, and the name of the crypto exchange. Withdrawals need similar details about the person receiving the money.

Binance explained that these rules only affect crypto transfers, but it warned that transfers might take longer or be sent back if the needed info isn’t given.

MiCA also applies stronger rules to stablecoin issuers, asking them to keep full reserves and get licenses to operate in the EU. For crypto transfers over 1,000 euros, MiCA says detailed info about both the sender and receiver must be shared to keep things clear.