Stablecoin issuer Paxos has announced its agreement to acquire Membrane Finance, an electronic money institution licensed in Finland.
This move positions Paxos to gain access to the European Union (EU) market following the implementation of the Markets in Crypto Asset (MiCA) regulations, which enforce strict compliance standards for stablecoin issuers. MiCA's stablecoin-specific rules came into effect in June, with broader regulatory measures scheduled for year-end enforcement.
The acquisition will allow Paxos to operate as a fully licensed electronic money institution (EMI) across the EU. The company stated its commitment to aligning its portfolio of assets and tokenization solutions with MiCA requirements. This follows a broader trend of crypto firms taking proactive steps to ensure regulatory compliance in Europe, as seen with Coinbase delisting unauthorized stablecoins and Gemini initiating operations in France.
Paxos did not disclose the financial terms of the deal, which is subject to regulatory approval. The acquisition underscores the increasing importance of regulatory compliance in global cryptocurrency markets and Paxos' strategic focus on expanding within the EU's regulated framework.
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