CoinShares, an asset manager in the cryptocurrency space, has become the first in continental Europe to obtain a license for crypto assets under MiCA regulations.
MiCA License for CoinShares
CoinShares Asset Management, a subsidiary in France, received approval from France’s Autorité des Marchés Financiers (AMF). This allows the company to provide portfolio management and advisory services for digital assets across the European Union. CoinShares is the only asset manager on the continent with licenses under MiCA, MiFID, and AIFM.
CoinShares Service Expansion Potential
CoinShares CEO Jean-Marie Mognetti stated that the new license sets a clear standard for how crypto asset managers can operate in the EU. The firm can now offer services in countries such as Germany, Ireland, the Netherlands, and Luxembourg, with potential for further expansion across the entire bloc.
Malta’s Licensing Process and ESMA's Review
Meanwhile, Malta’s process for licensing cryptocurrency asset service providers has come under scrutiny from Europe’s securities regulator. The European Securities and Markets Authority (ESMA) found that Malta’s Financial Services Authority partially met expectations in authorizing a crypto asset service provider under MiCA, raising questions about the rigor of the vetting process.
The MiCA approval for CoinShares marks a significant step for asset management in the cryptocurrency sector, while other countries, like Malta, face challenges in adhering to new regulatory standards.
