Cryptocurrency exchange KuCoin is set to broaden its reach across Europe after its local entity, KuCoin EU, successfully obtained a Markets in Crypto-Assets Regulation (MiCAR) license in Austria. This approval allows the platform to offer fully compliant digital asset services to millions of users in 29 countries within the European Economic Area (EEA), excluding Malta.

The MiCAR framework is widely recognized for establishing rigorous, harmonized rules for the crypto industry. Its goal is to improve investor protection, increase platform transparency, and ensure market stability. By securing authorization through its Austrian subsidiary, KuCoin demonstrates its commitment to operating within established and trusted regulatory environments.

A Strategic Push for Compliance

This European license is the latest in a series of compliance achievements for the exchange. In November, KuCoin also secured a Digital Currency Exchange Registration from the Australian Transaction Reports and Analysis Centre (AUSTRAC) while continuing to upgrade its global compliance infrastructure.

KuCoin CEO BC Wong described the approval as a significant milestone for the company’s long-term trust and compliance strategy. He noted that Europe’s MiCAR framework represents one of the highest regulatory standards in the world and that KuCoin is proud to meet its benchmark. Wong also reiterated the company’s focus on building transparent and secure Web3 infrastructure as part of its $2 billion Trust Project, which is further supported by SOC 2, ISO 27001, and other independent certifications.

New European Platform and User Transition

With the MiCAR authorization in place, KuCoin EU is preparing to launch a dedicated platform for the European market. Users across the EEA, with the exception of Malta, will soon receive updates and information on how to onboard. Following this transition, new user registrations from the region will no longer be supported through the KuCoin Global platform.

The move represents a broader shift toward a more regulated and transparent digital asset ecosystem, positioning KuCoin to offer secure services under a unified European framework.

Bybit Follows a Similar Path in Austria

KuCoin isn’t the only major exchange planting its flag in Europe via Austria. Earlier this year, Bybit also received a MiCAR license from the country’s Financial Market Authority. According to a news release on May 29, 2024, the move signals a growing trend among leading crypto platforms to embrace the comprehensive regulatory standards set by the European Union.