Financial infrastructure provider OpenPayd secured authorization under the European Union's Markets in Crypto-Assets Regulation (MiCA) ahead of the July 1 transition deadline. The license was issued by the Malta Financial Services Authority and enables the company to offer regulated crypto services throughout the European Economic Area through MiCA's passporting mechanism. The authorization allows OpenPayd to operate as a crypto-asset service provider (CASP) and support services including fiat-to-stablecoin on-ramping and off-ramping for businesses. MiCA provides a regulatory framework that gives businesses greater confidence to adopt digital asset technologies for payment solutions and treasury management as stablecoins gain traction in the financial sector.
Malta Financial Services Authority Issues CASP Authorization
The Malta Financial Services Authority granted OpenPayd authorization to operate as a crypto-asset service provider under MiCA. The authorization allows OpenPayd to offer regulated crypto services throughout the European Economic Area through the framework's passporting mechanism. The license enables the company to support fiat-to-stablecoin on-ramping and off-ramping services for businesses.
The Malta Financial Services Authority has approved several major cryptocurrency firms under MiCA. Companies including OKX and Gemini received MiCA authorization through Malta. The approval arrived days before the July 1 MiCA transitional deadline, which prompted crypto firms across Europe to accelerate licensing efforts. Bitcoin Suisse received a MiCA license in Liechtenstein and Ripple received preliminary CASP approval in Luxembourg.
OpenPayd CEO Highlights Stablecoin Role in Financial Infrastructure
OpenPayd Chief Executive Officer Iana Dimitrova stated that stablecoins are quickly becoming part of mainstream financial infrastructure. She said MiCA provides businesses with more confidence to adopt digital asset technologies for payment solutions, treasury management, and broader business growth initiatives.
OpenPayd launched its digital asset infrastructure approximately a year ago. The platform allows businesses to manage both fiat currencies and digital assets through a unified system.
OpenPayd Processes $240 Billion in Annual Transaction Volume
OpenPayd processes more than $240 billion in annualized transaction volume for over 1,100 businesses globally, according to the company. Its client roster includes Kraken, eToro, OKX, and B2C2. The MiCA authorization strengthens the company's position in the European market.
FAQ
What did OpenPayd receive from the Malta Financial Services Authority?
OpenPayd received authorization under the European Union's Markets in Crypto-Assets Regulation (MiCA) from the Malta Financial Services Authority. The license allows the company to operate as a crypto-asset service provider (CASP) and offer regulated crypto services throughout the European Economic Area.
Why is the July 1 deadline significant for MiCA authorization?
The July 1 deadline is the MiCA transitional deadline that prompted crypto firms across Europe to accelerate their licensing efforts. OpenPayd's approval arrived days before this deadline, allowing the company to offer regulated stablecoin services under the new framework.
How much transaction volume does OpenPayd process?
OpenPayd processes more than $240 billion in annualized transaction volume for over 1,100 businesses globally, according to the company. Its clients include Kraken, eToro, OKX, and B2C2.
