Crossmint has secured a Markets in Crypto Assets Regulation (MiCA) authorization from Spain’s securities regulator CNMV to operate as a crypto asset service provider (CASP), positioning it as a regulated stablecoin infrastructure provider across all 27 European Union member states.
Miguel Angel Zapatero, Crossmint general counsel, told Cointelegraph that the company was held to “the exact same standards” as traditional financial institutions, marking an end to any notion that MiCA offers a lighter regime for crypto businesses.
He said that MiCA created a “level playing field” and built confidence in the sector thanks to “consistent standards and enforcement,” adding that the days of the “wild wild west” era were over, and that MiCA brought “certainty to more traditional clients who were not confident enough in crypto technology.”
What Crossmint’s license covers
Zapatero said Crossmint’s authorization covers three core CASP activities under MiCA: fiat to crypto exchange in both directions, custody of crypto assets on behalf of clients and transfers between wallets and across blockchains.
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He said the company was “providing stablecoin infrastructure for a lot of different use cases, clients, and industries, rather than operating a trading platform,” which he argued makes it relatively unique among MiCA‑authorized businesses focused on business-to-business rails rather than retail speculation.
Internally, he said that the authorization process was treated as equivalent to bank‑style licensing, with the CNMV assessing comprehensive Anti-Money Laundering (AML)/Counter Financing Terrorism (CFT) programs meeting European Union standards, along with other stringent requirements, in a process that “took over 18 months” of iterative review.
Related: Ripple targets MiCA passporting in EU with Luxembourg e-money nod
Grandfathering period and client demand
Crossmint co-founder Rodri Fernández Touza told Cointelegraph that many of its target clients, such as remittance firms, payroll platforms, neobanks and marketplaces, now face internal mandates to use MiCA‑licensed partners, particularly as the “grandfathering period” (temporary arrangements that allow firms authorized under pre‑MiCA national rules to keep operating while they seek a MiCA license) ends around July.
List of grandfathering periods decided by member states. Source: ESMANon‑compliant providers risk being forced out or blacklisted in practice by regulators and counterparties, he said, adding that Crossmint was “ready to absorb this demand,” and positioning its MiCA licensing and “regulatory footing” as a sunk cost that clients can effectively “plug into,” rather than replicate a long and expensive authorization journey.
Looking ahead to the end of the transition period, Fernández Touza sees three categories of demand: enterprises and fintechs whose current providers will become unusable, national regime incumbents deciding between full MiCA compliance or exit and unlicensed providers pushed out of the market by enforcement.
He noted that the company will be formally listed on the European Securities and Markets Authority’s (ESMA) public register soon, following standard administrative processes.
Related: Europe’s MiCA law is motion, but can the crypto industry keep up?
MiCA transition squeezes non‑compliant firms
In Spain, the CNMV has published detailed MiCA guidance and a transition Q&A that effectively forces locally registered crypto providers to either upgrade into full CASP authorization or wind down, putting additional pressure on unlicensed or lightly supervised platforms.
Meanwhile, French markets regulator AMF recently flagged 90 crypto companies operating in France that remain unlicensed under MiCA, revealing that just 30% have applied for a license.
Under ESMA guidance, businesses that fail to secure MiCA authorization before the end of the transition period are expected to implement “orderly wind‑down” plans, meaning that a significant slice of today’s EU crypto providers may need to cease services or migrate clients to fully licensed partners.
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Source: https://cointelegraph.com/news/crossmint-gains-mica-approval-spain?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
