In a landmark regulatory development for the European crypto sector, Web3 infrastructure provider Crossmint has secured a Crypto-Asset Service Provider (CASP) license from Spain's National Securities Market Commission (CNMV). This authorization, certified under the European Union's Markets in Crypto-Assets (MiCA) regulation, grants Crossmint immediate operational rights across all 27 EU member states through a regulatory passporting mechanism.
The license fundamentally reshapes Crossmint's market position, allowing it to legally offer a comprehensive suite of regulated services including fiat-to-crypto exchange with banking integration, cryptocurrency custody meeting EU security standards, digital wallet infrastructure, cross-blockchain asset transfers, and stablecoin issuance and management. The company emphasized it does not operate a trading platform but provides B2B stablecoin infrastructure to fintechs, remittance companies, and marketplaces.
The approval process was rigorous, taking over 18 months and involving assessments of Crossmint's Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) measures, internal controls, and technical infrastructure. According to Crossmint's general counsel, Miguel Angel Zapatero, the firm is now held to "the exact same standards" as traditional banks, which is expected to build trust among hesitant institutional clients.
This development comes at a critical juncture in MiCA implementation. The stablecoin provisions took effect in June 2024, with full CASP requirements applying from December 2024. A grandfathering period allows firms operating under older national rules to continue until July 2026, after which they must secure MiCA approval or cease EU operations. Crossmint co-founder Rodri Fernández Touza noted rising demand for licensed partners as this deadline approaches, expecting clients whose providers lose authorization, those deciding whether to apply or exit, and those forced out by enforcement.
Spain's CNMV has positioned the country as an early MiCA adopter, having established specialized crypto-asset divisions in 2023. France's regulator AMF reported that 70% of crypto companies in France have not yet applied for MiCA licensing, indicating a significant market consolidation ahead. Crossmint's early licensing provides a substantial first-mover advantage in a European Web3 infrastructure market projected to reach €45 billion by 2026.
