Cryptocurrency platform Venga takes a significant step towards complying with European regulatory standards by filing a pre-application for the MiCA license.
Steps Towards Regulation
Venga, the European cryptocurrency app, filed a pre-application for the MiCA license with Spain’s responsible body, CNMV. This step allows companies to receive feedback from authorities and improve their applications before official review, reducing the risk of refusal and ensuring a smooth transition to full compliance.
Significance of MiCA Legislation
MiCA formally took effect on December 31, 2024, setting a uniform regulatory framework for the cryptocurrency industry in the EU. It requires that crypto service providers in Spain may continue operating under current national licenses until the end of 2025. Venga is using the transitional phase to implement and enhance internal policies necessary to meet MiCA's new requirements.
Market Impact
The MiCA law aims to increase security and trust within the sector by introducing uniformity and transparency in the European cryptocurrency market. Venga's early pre-application exemplifies its strategic approach for long-term industry success. This action not only protects the company's future but also sets a standard for other crypto service providers navigating the new regulatory environment.
Venga's pre-application for the MiCA license demonstrates its commitment to regulatory excellence and setting new standards in the cryptocurrency industry.
