Blockchain.com Secures MiCA License in Malta, Joining Crypto’s EU Migration
European Expansion Accelerates as Malta Becomes Hub for Digital Asset Firms Seeking EU-Wide Access
In a significant development for cryptocurrency operations in Europe, Blockchain.com has obtained a Markets in Crypto-Assets (MiCA) license in Malta, positioning the company to expand its services across the European Union. This strategic move places Blockchain.com among a growing cohort of major digital asset firms—including Kraken, Gate, and Gemini—that have selected the Mediterranean island nation as their gateway to the European market.
Speaking exclusively to Decrypt, a Blockchain.com representative explained the rationale behind choosing Malta: “The country offered the right combination of regulatory transparency, institutional expertise, and strategic access to the European Economic Area.” This calculated decision reflects the company’s broader vision for its European presence. “Malta will serve as the center of our European operations moving forward,” the spokesperson continued, highlighting the appointment of Fiorentina D’Amore to lead EU strategy from Malta. “With D’Amore now at the helm, we’re well positioned to expand services across the region with full compliance and strong local leadership.”
The licensing achievement represents a pivotal moment in Blockchain.com’s European journey, where the company has strategically pivoted its business model. Moving away from a focus on centralized exchanges, the firm has redirected resources toward brokerage services, institutional infrastructure development, and self-custody wallet solutions—sectors the company identifies as increasingly vital in the evolving crypto landscape. This reorientation demonstrates Blockchain.com’s adaptability in a market characterized by regulatory flux and changing consumer preferences. Beyond Europe, the company maintains a global perspective, with representatives confirming active monitoring of regulatory frameworks in the United Kingdom, Singapore, Latin America, and the Middle East. While Blockchain.com acknowledges attentiveness to possibilities regarding a U.S. public listing, the spokesperson remained noncommittal about recent speculation surrounding such plans.
Understanding MiCA and the “Passporting” Advantage
The Markets in Crypto-Assets Regulation, commonly known as MiCA, represents a watershed moment for cryptocurrency regulation in Europe. Fully implemented in late 2024, this comprehensive framework established the first unified regulatory approach for digital asset providers across the European Union’s 27 member states. The regulation’s most powerful feature is its “passporting” mechanism, which enables crypto companies to obtain authorization in a single EU country and subsequently leverage that approval to operate throughout the entire bloc without navigating separate regulatory processes in each jurisdiction.
Malta’s approach to implementing these regulations has drawn both companies and criticism. The island’s reputation for maintaining relatively flexible regulatory standards has attracted numerous digital asset firms seeking entry to the European market. However, this same characteristic has triggered concerns among regulatory authorities in other EU nations. In mid-September, financial market regulators from France, Austria, and Italy voiced apprehension about potential regulatory disparities, calling for enhanced EU-level oversight. These authorities highlighted that early MiCA implementation has revealed substantial variations in how national regulators supervise cryptocurrency markets. Their proposed solution involves granting the European Securities and Markets Authority (ESMA) direct supervisory powers to ensure consistent investor protection standards across member states.
An official review of Malta’s licensing practices conducted by ESMA in July provided a nuanced assessment. The evaluation acknowledged the Malta Financial Services Authority’s (MFSA) demonstrated expertise and willingness to cooperate with EU-wide initiatives. However, the report identified certain deficiencies, noting that some risk factors were not comprehensively evaluated during authorization processes. Critics point to Malta’s historically permissive stance toward gambling industries and its controversial “golden passport” program as factors contributing to perceptions that the country facilitates regulatory arbitrage—enabling companies to access EU markets through channels that might not be available in countries with stricter oversight regimes.
Regulatory Diversity: Challenge or Feature of EU Integration?
The European Banking Authority has identified a concerning pattern it terms “forum shopping,” describing situations where cryptocurrency businesses strategically seek authorization in jurisdictions perceived as having less stringent requirements before utilizing those licenses to operate across the European Union. The EBA has expressed worry that this practice could potentially undermine the fundamental integrity of the EU’s integrated financial system by creating regulatory inconsistencies and possible vulnerabilities.
Despite these legitimate concerns, some legal experts maintain that regulatory diversity represents an inevitable and perhaps necessary characteristic of Europe’s single market framework. Dr. Hendrik Müller-Lankow, a specialized attorney at the German law firm Kronsteyn, offered perspective on this debate in previous communications with Decrypt. He acknowledged that supervisory arbitrage is indeed occurring throughout Europe but characterized it as an unavoidable byproduct of the delicate balance between preserving national regulatory discretion and advancing EU integration objectives.
“It is well known that people—and thus also authorities—in different member states have different mentalities when applying laws,” Dr. Müller-Lankow observed, highlighting the cultural and administrative variations that naturally exist across European nations. This insight suggests that while regulatory harmonization remains a worthy goal under MiCA, complete uniformity may be neither achievable nor entirely desirable in a union that values both cohesion and respect for national differences.
Blockchain.com’s successful licensure in Malta exemplifies both the opportunities and challenges inherent in Europe’s evolving cryptocurrency regulatory landscape. As the company expands its European footprint with Malta as its operational hub, industry observers will be watching closely to see how effectively the MiCA framework balances innovation with consumer protection across a diverse continental marketplace. For cryptocurrency firms with global ambitions, navigating these regulatory distinctions while maintaining compliance will remain a critical challenge—and potentially a competitive advantage—in the rapidly developing digital asset ecosystem.
