Crypto exchange KuCoin has announced its new arm for users in the European Union has applied for the Markets in Crypto Assets (MiCA) license.
KuCoin revealed in an announcement on Feb. 20 that KuCoin EU Exchange GmbH was eyeing the MiCA license in Austria.
The exchange’s application comes as several global crypto platforms and companies score approval for the crucial license.
MiCA-approved platforms include 10 stablecoin issuers and multiple crypto exchanges.
KuCoin eyes MiCA compliance and a new EU hub
KuCoin seeks approval to reinforce its regulatory compliance and leverage the potential nod for growth across the EU and the European Economic Area.
In a comment, KuCoin CEO BC Wong said:
Today, I am proud to announce the establishment of our new EU hub in Vienna and that KuCoin EU intends to file for a MiCAR application in Austria. This marks a significant milestone in our steadfast commitment to executing a global, compliant strategy. Upon receiving a MiCAR license, we will enter the EEA market, which we deem strategically important.
As part of the application process, KuCoin EU has picked Vienna, Austria for its headquarters.
The new office will act as the company’s strategic hub for EU operations, which the exchange looks to get rolling with the new talent hires.
The KuCoin EU leadership will be led by Oliver Stauber, a former executive at Bitpanda, and Christian Niedermueller, former CEO of a Luxembourg-based digital asset exchange.
Stauber and Niedermueller take up the roles of chief executive officer and chief operating officer, respectively, at KuCoin EU Exchange.
Stauber said:
I am absolutely thrilled to embark on this journey as the CEO of KuCoin EU, where we are set to revolutionize the crypto landscape across the EU and EEA with innovative products and services. At KuCoin EU, our mission is clear: to create Europe’s premier, regulatory-compliant crypto asset service provider.
Is KuCoin EU Exchange live?
KuCoin EU does not currently offer any of its services to users in the EU or EEA.
Per the exchange, products and services will only be available after authorities issue the MiCA license.
If approved, KuCoin will expand its crypto services and solutions to customers across Europe, passporting these to all 30 of EU and EEA member states.
KuCoin launched in 2017 and has grown into one of the world’s largest cryptocurrency exchanges, with a global user base of over 39 million.
Its crypto services and products include trading, payments, wallets, wealth management and ventures.
Following the latest announcement, the native KuCoin Token (KCS) rose slightly to above $12.16.
However, the token remains more than 50% off its all-time high of $28.80 reached in December 2021.
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