Digital asset platform Bullish has been granted a full MiCAR license by Germany's Federal Financial Supervisory Authority (BaFin), allowing its subsidiary Bullish Europe GmbH to provide regulated crypto trading and custody services across the European Union.
MiCAR License and Its Significance
The MiCAR license acquired by Bullish is an upgrade from the company's previous 'grandfathered' status based on BaFin custody. Now, Bullish Europe, headquartered in Frankfurt, can operate under Europe's crypto jurisdiction aimed at providing consumer protection, market integrity, and financial stability.
Responding to Institutional Demand
Bullish Exchange President Chris Tyrer noted that Europe is the 'second largest cryptoasset economy in the world' and highlighted the growing demand from institutional investors for regulated, transparent trading venues. He added that the MiCAR approval allows Bullish to meet this demand by offering trusted execution services.
Regulatory Trends in the Digital Asset Industry
The successful acquisition of a MiCAR license highlights a major trend in the industry: digital asset companies are becoming more open to regulation. Gaining approval from a respected body like BaFin not only grants Bullish the right to conduct business but also enables it to offer services in all 27 EU member states. This trend indicates an increasing interest in regulation in Europe, as institutional players rely more on this disruptive technology.
The acquisition of the MiCAR license underscores Bullish's commitment to adhering to high regulatory standards and addressing the growing interest in cryptocurrencies among institutional investors in Europe.
