MiCA approval secures EU passporting
Bullish Europe, the Frankfurt-based arm of exchange Bullish Group, announced on September 5 that it received a Markets in Crypto-Assets (MiCA) license from BaFin. This major regulatory milestone allows the firm to extend its trading, custody and staking services to all EU member states under a unified framework.
Background and significance
Earlier this year, Bullish Europe secured individual licences for brokerage and custodial activities. The new MiCA licence consolidates those permissions and streamlines compliance with standardized rules on consumer protection, market integrity and operational resilience. As the first major crypto exchange to achieve full MiCA authorisation, Bullish sets a precedent for peers seeking EU market access.
Implications for stakeholders
- Retail and institutional clients gain confidence in regulated trading environments with transparent capital requirements and governance standards.
- Passporting rights eliminate the need for separate approvals in each jurisdiction, reducing operational complexity and compliance costs.
- BaFin oversight includes periodic audits, reporting mandates and consumer redress mechanisms, enhancing overall market trust.
- Other exchanges may accelerate MiCA licence applications to remain competitive and secure EU business.
Bullish Europe’s CEO noted that the licence aligns with the EU’s vision of integrated digital finance markets, supporting cross-border interoperability and innovation. Market participants will watch how BaFin implements supervisory guidelines and whether accelerated approvals follow for other applicants.
Despite global regulatory fragmentation, the MiCA framework represents a step toward harmonized crypto standards. As MiCA rules come into force across Europe, exchanges and service providers must demonstrate robust compliance programs and risk management systems to maintain their authorizations.
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