Bitcoin-Only App Relai Secures MiCA License

Swiss-based Bitcoin-only investment app Relai has recently bagged a major milestone. According to reports, Relai received a license from France’s financial regulator, Autorité des Marchés Financiers (AMF), under the Markets in Crypto-Assets Regulation (MiCA). 

Relai MiCA License Unlocks EU-Wide Services 

Undoubtedly, this is a regulatory achievement for Relai. It also reflects the company’s goal in offering regulated Bitcoin investing to European users. 

By securing MiCA approval in France, Relai becomes one of the first Bitcoin-only platforms to gain this license. This enables Relai to operate as a regulated crypto asset service provider (CASP) in the EU and France. 

With its MiCA license, users can buy and sell Bitcoin, utilize self-custody wallets, and set up automated investment plans. Additionally, users will enjoy higher limits when converting euros. The license also supports SEPA (Single Euro Payments Area) payments in the EU. There is no doubt that all of these support Relai’s mission to make Bitcoin accessible to as many people as possible.

For European investors, Relai’s focus on regulatory compliance signals increased trust and offers more access. The MiCA regulation creates a clear set of rules for crypto services in the EU. 

By adopting these regulations early, Relai gains an advantage over many cryptocurrency platforms. Furthermore, allowing SEPA payments helps smooth the process of moving from euros to Bitcoin, especially in Europe.

Exchanges Secures EU-Wide Crypto License

Notably, MiCA, passed in 2023, is the first major law to bring all EU countries under one crypto rulebook. In June, cryptocurrency exchange Coinbase received approval to operate under the EU rules for cryptocurrencies. 

The company secured the license from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). This means Coinbase can legally provide crypto services in all 27 EU member countries.

Similarly, Bitstamp also received a CASP license under the MiCA regulation. The MiCA license allows Bitstamp to use the EU’s “passporting” system. In May, Bybit also secured a MiCA license from Austria’s Financial Market Authority (FMA).

Ultimately, MiCA was created to uniform crypto rules across Europe. It aims to protect users, prevent illegal activity, and give clear guidelines to crypto companies.

France Becomes a Core Market in the EU

Revolut has taken a major step in France. The digital banking company has invested more than €1 billion over the next three years. With the investment, Revolut will expand its workforce and apply for a full banking license in France. 

France is Revolut’s largest European Union user base. The company aims to double its customer base in the country to 10 million by 2026 and grow to 20 million users by 2030. At the same time, the UK-based firm is working to fix what its CEO, Nik Storonsky, recently described as a strategic mistake.