Binance applied for a Markets in Crypto-Assets (MiCA) license in Greece on Thursday. The application is intended to secure regulatory clearance in the European Union before the bloc’s July compliance deadline.
Binance Selects Greece to Obtain MiCA License
The registration, which was initially reported by Fortune, was presented to the Hellenic Capital Market Commission (HCMC) in Greece. An effective application would enable Binance to passport its services to the E.U. and still operate under the national consumer protection regulations.
Although Malta and Latvia were most commonly regarded as the most likely places to file, Binance selected Greece. This might be because it has already established a local holding company in Athens.
As the Greek publication D News wrote, the application is being processed on an expedited basis. The HCMC has collaborated with key accounting firms, such as Ernst & Young and KPMG, to examine Binance’s compliance framework.
The scrutiny comes as Binance continues to grow its regulated services. This includes its listing of country-supported stablecoins, such as the KGST, within stricter supervisory systems.
A Binance spokesperson confirmed the filing in a statement quoted by Fortune. The crypto exchange has also been in active consultations with regulators. The spokesperson continued by saying that Binance believes MiCA provides regulatory certainty and a system that enables innovative processes and enhances investor protection.
A Reentry Into The European Market
This move is significant as it could pave the way for the exchange’s reentry into the European market. The exchange has in the past had to leave several E.U. regions, having faced scrutiny in Germany, the Netherlands, and Cyprus.
In France, the exchange has undergone onsite inspections regarding compliance practices in the past. Therefore, this underscores the need for a unified E.U. authorization as MiCA enforcement tightens.
Binance reported that Greece has a good regulatory environment. In addition, it has a growing economy that is above the average of E.U. countries. Once there is approval, the license will enable the top crypto exchange to have a larger operational footprint in Greece with local offices and the hiring of more personnel.
Those who spoke with Fortune who were privy to the process revealed that it typically takes months of discussions with regulators before a company submits a MiCA application. As a result, Binance has a fair chance of approval.
Source: https://coingape.com/binance-applies-for-eu-mica-license-in-greece/