Europe’s MiCA regulations require crypto exchanges and other providers active in the European Union (EU) to get a license. Take this scenario. I’m based in the EU, and a friend of mine outside of Europe uses a Canadian cryptocurrency exchange they think is great. They are so keen on it, that I decide to sign up. This exchange, let’s call them fabDAM, has not registered as a crypto asset service provider (CASP) under Europe’s MiCA regulations. That’s because it isn’t interested in targeting Europeans, so it doesn’t conduct marketing in Europe.
So what should happen next? Should fabDAM geo-block all EU website visitors? Or should it reject my application? Or is it okay to allow me to sign up?
MiCA regulations cover this situation explicitly in Article 61 (see below). It says I can sign up as a customer, provided fabDAM is not part of a group that conducts marketing or ‘solicits’ in the EU. That’s because I approached fabDAM at my “own exclusive initiative“.
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