Crypto exchange Crypto.com has received in-principle approval for a European Union (EU) Markets in Crypto Assets (MiCA) license from Malta’s Financial Services Authority, edging it closer to be able to operate fully across the trading bloc.

The in-principle license means that the exchange is expected to receive its full CASP license soon, a Crypto.com spokesperson said on Friday.

Companies have been working towards getting a crypto asset service provider (CASP) license under MiCA since the bespoke crypto legislation passed in 2023. The CASP license allows companies to serve clients across the European trading bloc which consists of 27 nations.

“Receiving full regulatory approval will allow Crypto.com to provide its market-leading range of crypto services across the EU under a streamlined and robust framework bringing a significantly improved degree of transparency to the sector,” the company said in an emailed statement.

Crypto.com will soon join the likes of Boerse Stuttgart Digital, MoonPay, BitStaete, ZBD and prime brokerage and clearing company Hidden Road, who received the MiCA license.