Swiss-based Bitcoin-only investment app Relai has achieved a significant milestone, securing a license from France’s financial regulator, Autorité des Marchés Financiers (AMF), under the Markets in Crypto-Assets Regulation (MiCA).
Relai MiCA License Unlocks EU-Wide Services
This regulatory achievement underscores Relai's commitment to offering regulated Bitcoin investing to European users. By obtaining MiCA approval in France, Relai positions itself as one of the first Bitcoin-only platforms to receive this license, enabling it to operate as a regulated crypto asset service provider (CASP) across the EU and specifically in France.
With its MiCA license, Relai will offer users the ability to buy and sell Bitcoin, utilize self-custody wallets, and set up automated investment plans. The license also facilitates higher limits for euro conversions and supports Single Euro Payments Area (SEPA) payments within the EU, directly supporting Relai's mission to enhance Bitcoin accessibility.
For European investors, Relai's adherence to regulatory compliance signifies increased trust and broader access to its services. The MiCA regulation establishes a clear framework for crypto services throughout the EU. Early adoption of these regulations provides Relai with a competitive advantage. Furthermore, the integration of SEPA payments simplifies the process of converting euros to Bitcoin for European users.
Exchanges Secure EU-Wide Crypto Licenses Under MiCA
MiCA, enacted in 2023, is the first comprehensive law to unify crypto regulations across all EU member states. In June, the cryptocurrency exchange Coinbase received approval to operate under these EU rules, having secured its license from Luxembourg’s financial regulator, the Commission de Surveillance du Secteur Financier (CSSF). This authorization permits Coinbase to offer crypto services in all 27 EU countries.
Similarly, Bitstamp has also obtained a CASP license under the MiCA regulation, enabling it to leverage the EU’s "passporting" system. In May, Bybit also secured a MiCA license from Austria’s Financial Market Authority (FMA).
The MiCA framework was designed to standardize crypto rules across Europe, aiming to protect users, prevent illicit activities, and provide clear guidelines for crypto companies.
France Becomes a Core Market in the EU
Revolut has made a significant strategic move in France, announcing an investment exceeding €1 billion over the next three years. This investment is intended to support the expansion of its workforce and the pursuit of a full banking license in France.
France represents Revolut's largest user base within the European Union. The company aims to double its customer base in the country to 10 million by 2026 and further grow to 20 million users by 2030. Concurrently, the UK-based firm is addressing what its CEO, Nik Storonsky, has referred to as a past strategic oversight.