Crypto.com Receives MiCA License in the Netherlands for the Entire EU
The exchange is the first non-European player to obtain a 'passport' to operate in all 27 EU member states, announcing the listing of 30 new euro pairs.
Crypto.com License in the Netherlands: How Malta Beat Ireland in the MiCA Race
I've been following the crypto regulatory landscape since 2020, and over that time I've grown accustomed to license news being boring—just another bureaucratic formality, another step toward 'legalization.' But the story of Crypto.com obtaining a MiCA license in the Netherlands and becoming the first non-European exchange with a 'passport' to operate in all 27 EU countries is far from routine. Officially: the exchange announced the listing of 30 new euro pairs and its entry into the European market. But the real story is a quiet war for licenses, with access to 450 million Europeans at stake.
[The Gist]: What's Really Happening
In reality, Crypto.com didn't get a license 'in the Netherlands' in the usual sense. The key decision was made in Malta, with the Netherlands serving merely as the point of passporting. Crypto.com had already received MiCA approval from the Malta Financial Services Authority (MFSA) in January 2025, and in February 2026 added a Limited Financial Institutions License for stablecoin operations. The Dutch AFM (Autoriteit Financiële Markten) merely recognizes this status under the single European passport. It's a subtle but important legal nuance that gets lost in the headlines.
Malta's selection is no accident. The Maltese regulator proved to be the fastest in the EU—issuing the first licenses within weeks of MiCA taking effect, while Germany and France took months. This has drawn criticism from ESMA and the French AMF, who fear a 'race to the bottom' and insufficient oversight. Malta defends itself: it has had crypto regulation experience since 2018 and simply leveraged that expertise.
A second non-obvious point: obtaining a license is only half the battle. With just weeks left until July 1, 2026, over 80% of the roughly 1,200 companies operating under national registrations have yet to secure a full MiCA license. Crypto.com is among the approximately 210 CASPs (Crypto-Asset Service Providers) that have managed to do so. Those that don't make the cut must cease EU operations after July 1—creating a massive competitive advantage for licensed players.
Timeline and Context
Crypto.com's path to a European license began long before MiCA. The company already had registrations in various countries, including the UK (FCA), Singapore (MAS), Dubai (VARA), and the US (Money Transmitter Licenses). But the European market was fragmented: each country required separate registration, and the exchange lacked a single 'passport.'
MiCA (Markets in Crypto-Assets Regulation) changed the game. It created a unified regime for CASPs: a license obtained in one EU country is automatically recognized in all 27. Crypto.com chose Malta as its 'home' regulator—and received approval in January 2025. In February 2026, it added a Limited Financial Institutions License, covering stablecoin regulation (EMTs).
And now—the announcement of 30 new euro pairs. The timing is no coincidence: with the July 1, 2026 deadline weeks away, Crypto.com is seizing the moment to position itself as a 'safe haven' for European users who still don't know if their favorite exchanges will remain on the market after July.
Who Wins and Who Loses
Crypto.com wins—obviously. It has become one of the first in the club of licensed non-European exchanges, alongside Binance, Coinbase, Kraken, and OKX. This gives it access to 450 million Europeans with a single legal status. Moreover, its announcement of 30 new euro pairs is a direct blow to Coinbase and Binance, which have fewer such pairs. Crypto.com is betting on the local currency (euro) as a key factor in attracting retail investors.
Malta wins. Despite criticism, Malta has become a hub for MiCA licensing. Besides Crypto.com, Gemini and OKX have also gone through the Maltese regulator. This brings taxes, jobs, and, most importantly, international status as a 'crypto-friendly jurisdiction.' For a small country with just over half a million people, this is a significant economic bonus.
European users win. After July 1, the crypto exchange market in the EU will be cleaner. Companies that couldn't or wouldn't meet AML/CFT, capital, and transparency requirements will disappear. Remaining players will be under the supervision of AFM, DNB, MFSA, and ESMA. This enhances security—but doesn't guarantee against losses, as regulators themselves emphasize.
Unlicensed exchanges lose. They have two options: leave the EU market after July 1, or try to obtain a license in accelerated mode. In Poland, for example, the implementing law hasn't even been passed yet. In France, 40% of unlicensed firms haven't even applied. These companies will be forced to block access for Europeans or operate illegally—risking criminal prosecution.
Tether and USDT lose. USDT remains the most popular stablecoin, but it doesn't comply with MiCA. Tether has fundamentally refused to apply, citing the requirement to hold 60% of reserves in European banks as a systemic crisis risk. Coinbase began delisting USDT for the EEA in December 2024, and Crypto.com followed suit. After July 1, licensed exchanges won't be able to offer USDT, creating a huge niche for MiCA-compliant stablecoins—primarily USDC and EURC from Circle, which are the only top-10 stablecoins fully compliant with the regulator.
What the Media Isn't Saying
First, what the news doesn't mention: the MiCA license itself doesn't guarantee that Crypto.com can offer all its products in Europe. Earn and Staking, for example, are explicitly excluded from MiCA regulation. This means the exchange needs additional licenses for these services—such as under MiFID II (investment services). Crypto.com claims to have a MiFID license, but in practice, staking implementation in Europe remains a gray area.
Second, obtaining a license is expensive. Crypto.com has already spent millions on legal support, hiring compliance specialists, and adapting IT systems. These costs will inevitably be passed on to users—through fees, spreads, or limits. The irony is that a 'regulated exchange' may end up being more expensive than an 'unregulated' one, potentially alienating some retail users.
Third, and most importantly, Crypto.com's decision to get licensed in Malta rather than Ireland (where Coinbase is licensed) or France was made long before 2026—back in 2023, when the MiCA project was still being discussed. It was a bet on speed. And it paid off. But now ESMA is reviewing the Maltese process and may issue directives that complicate life for licensees. Crypto.com could find itself in a situation where it has a license, but regulatory requirements are tightened retroactively.
Fourth, this entire license race is unfolding against the backdrop of CRO's weakness. Cronos (CRO)—the ecosystem's native token—has fallen 12.8% over the past week and is trading around $0.056. The technical picture is bearish: CRO is below all key moving averages. The license news could provide a short-term boost, but fundamentally, the token remains under pressure due to low liquidity and competition from other L1 blockchains.
Forecast: Next 30 Days and 90 Days
30 days:
- CRO token: I expect a short-term rise of 10-15% within two weeks on the news of the license and euro pair listings. Whether they can hold that level is another question. Resistance at $0.0588 (Kijun), support at $0.0547. If the price consolidates above $0.059, a trend reversal is possible; if not, a return to sideways movement.
- Euro pairs on Crypto.com: the addition of 30 new pairs will increase liquidity and attract European traders who previously used Binance or Kraken. In the short term, this could narrow spreads on euro markets.
90 days:
- I expect that after July 1, 2026, trading volumes on licensed exchanges (including Crypto.com) will grow by 20-30% due to an influx of users from unlicensed platforms. This will be the 'deadline effect': those who failed to get a license will lose access to the European market, and their clients will migrate to licensees.
- However, there is a risk. If ESMA deems the Maltese process insufficiently strict and suspends the licenses issued by MFSA, Crypto.com could lose access to the European market overnight. I assess this risk as low (15-20%), but it's non-zero.
- In the long term, I expect market consolidation: 5-7 major licensed exchanges will split the European market, while smaller players will either disappear or move into B2B services. Crypto.com will be in that top five—but in a 'catching-up' position relative to Coinbase and Binance.
Editorial Forecast
The main asset to watch in the next 24-72 hours is the Cronos (CRO) token. A 5-10% rise from current levels (around $0.056) is expected on the news of the license and the listing of 30 euro pairs. Confidence level: medium, as the technical picture remains bearish and the news may already be partially priced in. The main risk is that the market may view the license as a 'priced-in factor' and fail to react, leading to a continuation of the downtrend with a test of support at $0.0547.
The editorial opinion is not investment advice.
— Editorial Team
