As the European regulatory framework for crypto asset service providers evolves, companies like Kriptomat must transition to a new licensing regime under MiCA. We have been working towards this transition for years and have invested significant time and resources . Ultimately, we took the hard decision to withdraw our application for a MiCA authorisation, having concluded that the timeline and unclear requirements of the process were not compatible with a sustainable and transparent path forward for the business.
However, given the uncertainty around the timing of the licensing process and the practical realities of continuing to operate responsibly under those conditions, we have concluded that winding down the business is the only viable path forward.
That’s one of the downsides of European over regulation.