On Dec. 5, EST FIU to cease issuing virtual currency services licenses.
EST FIU is to cease issuing licenses for virtual currency services as of Dec. 30, 2024.
And instead EST FSA will issue partial licenses for the crypto asset market.
Change stems from EU Markets in Crypto Assets Regulation (MICA Reg 2023/1114).
Key Points
Service providers will be fully supervised by EST FSA under the Crypto Asset Market Act as of Jul. 1, 2026, when EST FIU licenses for virtual currency services will expire.
Virtual currency service providers that have a valid EST FIU license will retain right to operate on the basis of this license until Jul. 1, 2026 or until receive EST FSA license.
Until then, EST FIU will continue to supervise them, currently 43 licenses of this type.
Firms wishing to apply for a license to provide cryptocurrency services should contact EST FSA, applications for a virtual currency license submitted to EST FIU before Dec. 30, 2024 will not be reviewed if they have not been approved by that date.
EST FIU will continue to accept applications for changes to the license of already valid virtual currency service providers until Jul. 1, 2026.
