“We greatly appreciate our effective collaboration with the AFM throughout this journey,” said Jeetan Patel, Chief Risk Officer at Bitvavo. “The process has been smooth.”

Bitvavo currently stands as the world’s largest EUR spot exchange. The crypto exchange now joins the ranks of Coinbase and Kraken, both of which have also recently obtained a MiCA license. Coinbase received its license from Luxembourg, while Kraken got its approval from Ireland. The Netherlands has similarly granted MiCA licenses to MoonPay and three other crypto firms towards the end of 2024.

The MiCA regulation, which was fully implemented at the end of last year, furnishes a single, comprehensive regulatory framework for cryptocurrency companies across the European Union. “To ensure fair competition in Europe, it’s crucial that rules are consistently formulated and applied across all member states,” stated Mark Nuvelstijn, Bitvavo’s CEO. “This license provides clarity, assurance, and aids Bitvavo in achieving its goal – to emerge as Europe’s leading digital asset trading platform.”

Reports suggest that the cryptocurrency exchange Gemini is also nearing the final stages of obtaining MiCA approval from Malta, as previously reported by The Block.

Disclaimer: The Block is an independent media outlet offering news, research, and data. Major investor Foresight Ventures has held a majority stake in The Block since November 2023. Foresight Ventures also invests in other entities within the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently, providing unbiased, impactful, and timely information about the crypto industry.

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Bitvavo co-founder and CEO, Mark Nuvelstijn, affirmed the development on Friday, voicing his entire backing for the MiCA initiative. “We wholeheartedly endorse the central tenets of MiCAR,” he stated. He further stressed the necessity for consistent rules formulation and enforcement across all European countries to ensure a uniform playing field.

The company’s chief risk officer, Jeetan Patel, described the license acquisition as a result of “constructive collaboration”. He highlighted that the license offers Bitvavo the assurance and clear guidance needed to operate confidently in Europe.

Patel appreciated the AFM’s cooperation throughout the process, which he termed as efficient and rigorous. He added, “In the recent past, we have undertaken all the required steps in the licensing procedure and have confirmed compliance with the comprehensive MiCAR regulatory prerequisites.”

The news follows a series of MiCA license approvals across Europe. Notably, Kraken secured its license from the Central Bank of Ireland, Coinbase from the Luxembourg Commission de Surveillance du Secteur Financier, and Bybit from Austria’s Financial Market Authority (FMA).

Moreover, in December 2024, MoonPay, a crypto payments company, was approved to operate as a licensed crypto business in the Netherlands under the MiCA legislation. This regulatory framework has triggered a boost in investor confidence across Europe, with trading volumes from EU customers increasing by 70% in Q1 2025, as reported by Paybis’ co-founder and chief business development officer, Konstantins Vasilenko.

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The neobank’s investment strategy includes establishing its new headquarters for the European Union in Paris and employing at least 200 additional staff within the next three years. Revolut is currently preparing to submit its application to the French banking regulator, the Prudential Supervision and Resolution Authority. It is believed that the regulator has encouraged the neobank to pursue this license due to its increasing popularity in the country.

Currently employing approximately 300 individuals, Revolut serves five million customers in France, making it their largest market in the European Union. Revolut aims to increase its user base to 10 million by next year and double that number by 2030. The digital bank offers a range of services on its platform, including loans, trading, and support for cryptocurrency.

Since its establishment in 2015, Revolut has experienced exponential growth, with a recent valuation at $45 billion and reportedly serving over 55 million customers worldwide. The firm’s 2024 annual report states a revenue of 3.1 billion British pounds ($4 billion), with a workforce of over 10,133 employees.

After obtaining its UK banking license in July 2024, Revolut has aggressively pursued similar permits in other jurisdictions, with 10 applications currently underway. The neobank was recently granted the Prepaid Payment Instruments license from India’s central bank, enabling it to provide multi-currency forex cards and cross-border remittance services in the country.

Revolut’s Lithuanian operations now serve EU-based customers, thanks to a banking license obtained at the end of 2018. This has significantly improved its ability to serve customers across the European Economic Area.

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BitGo, a prominent player in the crypto industry, specializes in providing custodial services for digital assets such as Bitcoin on behalf of their clients. The MiCA license will enable BitGo to extend its services to crypto-based companies as well as traditional financial institutions, including banks and asset managers within the EU.

“This license underlines our dedication to maintaining the highest levels of security, transparency, and trust,” stated Harald Patt, Managing Director of BitGo Europe.

BitGo, established in Palo Alto, California, in 2013, has been making strides to expand its presence in the EU. This includes the establishment of BitGo Europe, headquartered in Frankfurt, in 2023. Since then, BitGo has received additional registrations in various EU countries, including Italy, Spain, Poland and Greece.

“With the acquisition of the MiCA license, BitGo can now operate across the entire EU under a unified, forward-looking regulatory framework,” the company announced.

BitGo has yet to disclose the specific services it plans to roll out under the new license. However, the firm has mentioned that it is expanding its product suite to offer a broad range of institutional-grade digital asset solutions.

As of May 12, BaFin’s official records did not reflect BitGo’s MiCA license, showing only earlier registrations. BitGo was approached for additional details, but has not responded as of the time of this report.

Germany has established itself as a key jurisdiction for European businesses seeking MiCA registration, with BaFin issuing licenses to several other companies, such as Bitpanda and Boerse Stuttgart Digital Custody, in 2025.

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