The European arm of cryptocurrency exchange KuCoin has won licensing to offers its services in Austria.
KuCoin EU obtained a Markets in Crypto Assets (MiCA) regulation license in Austria, allowing it to offer regulated services across the European Economic Area (EEA), the firm announced via email on Friday.
MiCA came into effect late last year, allowing crypto companies to obtain a license in an individual markets and then passport its services across the rest of the EEA.
This system helps expedite the process for crypto companies to obtain a licensed footprint across 27 countries, but concerns have surfaced that some member states are not applying due care and attention in handing out licenses.
KuCoin, which claims to have over 40 million users across 200 countries, reveals its MiCA licensing only days after the exchange registered with Australia’s financial intelligence agency Austrac, allowing it to offer crypto exchange services legally in the country.
CORRECTION (Nov. 28, 10:35 UTC): The article previously said KuCoin has 200 million users, as opposed to 40 million users in 200 countries.