KuCoin is working to regularize services for European crypto customers with a MiCAR license in Austria.
KuCoin, a major cryptocurrency exchange, has announced that it is submitting an application for a license under the Markets in Crypto-Assets Regulation in Austria in order to broaden its presence throughout the European Union.
Standardizing the policy framework for digital asset operators and stablecoin issuers, the MiCA or MiCAR framework in the European Union went into full force in December of last year.
The acquisition of a license under the crypto licensing scheme of the European Union enables any company to passport its services to any location within the European Economic Area.
KuCoin will submit an application for a MiCAR license in Vienna, the capital city of Austria, through its local company KuCoin EU Exchange GmbH, according to a press statement for the cryptocurrency.
Additionally, the cryptocurrency exchange intends to build a headquarters in Austria, with the intention of utilizing the country as a springboard for the launch of cryptocurrency activities in European markets.
Oliver Stauber, the CEO of KuCoin EU, expressed his excitement at the decision by saying that the platform was “thrilled to embark on this journey” into the heavily regulated cryptocurrency markets of Europe.
In agreement with Stauber’s perspective, Christian Niedermueller, the Chief Operating Officer of KuCoin in Europe, added that he couldn’t be more proud. “I am very happy to help bring KuCoin to the next level in Europe,” Niedermueller said.
After scaling up another European exchange and gaining experience in the digital asset industry for over nine years, Niedermueller expressed his happiness at the opportunity to collaborate on this endeavor.
KuCoin would join the ranks of other companies that have received MiCA licenses, such as OKX, and eToro, if it were to achieve success in Austria.
