BVNK secures MFSA MiCA CASP licence amid ESMA Malta review

What BVNK’s MFSA MiCA CASP licence enables in the EEA

BVNK has secured a Crypto-Asset Service Provider (CASP) licence from the Malta Financial Services Authority (MFSA), enabling compliant crypto-asset services within the European Economic Area, as reported by FinanceFeeds (https://financefeeds.com/bvnk-wins-malta-mica-licence-to-expand-stablecoin-services-across-europe/).The authorisation sits within the EU’s Markets in Crypto-Assets Regulation (MiCA) framework and places BVNK under MFSA supervision for covered activities across notified EEA markets.

Under MiCA, authorised CASPs can provide specified crypto-asset services and may extend them across the EEA via regulatory passporting.Passporting does not grant new permissions beyond the licence scope and remains subject to ongoing prudential, conduct, and AML/CTF obligations.

Why it matters: CASP plus EMI and direct SEPA access

The significance lies in combining a MiCA CASP licence with Electronic Money Institution (EMI) status in Malta and direct SEPA access.This architecture can connect on-chain stablecoin settlement with euro payouts and collections over SEPA, reducing reconciliation friction and standardising controls for institutional users.

BVNK frames the licence as part of an integrated platform for regulated crypto and euro payments.“With this licence, BVNK is now unique in offering three critical capabilities in Europe: MiCA crypto services, Euro payments, and direct access to SEPA … all in a single platform,” said Tina Meschino, General Counsel, BVNK (https://bvnk.com/blog/bvnk-secures-mica-licence?utm_source=openai).

For payment providers, brokerages, and fintech treasuries, the immediate effect is operational: stablecoin receivables can be converted and settled to euros, while euro payables can be disbursed over SEPA from the same platform.This consolidation can simplify contracting, onboarding, and settlement operations while keeping crypto and fiat flows under harmonised governance.

Cash and liquidity management may benefit from shorter settlement windows and improved reconciliation between wallets and bank rails.Outcomes will vary by client risk policy, currencies, and counterparties, and remain subject to MFSA oversight under MiCA.

Regulatory context: MFSA oversight, ESMA review, and passporting mechanics

Malta’s MFSA serves as the home supervisor for BVNK under MiCA, while EU-level convergence is shaped by peer reviews and guidance, according to the European Securities and Markets Authority’s peer review (https://cointelegraph.com/news/no-mica-license-malta-at-risk-esma-review-mfsa//?utm_source=openai).The report’s observations inform how national authorities coordinate cross-border permissions and supervisory intensity.

How passporting works under MiCA for EEA services

Passporting begins when the MFSA notifies host authorities of a CASP’s intention to provide services in their jurisdictions.After acknowledgment, the firm may offer only the authorised services in those states and must keep its programme of operations updated.

Operational obligations travel with the passport, including prudential, conduct, and AML/CTF controls.Local consumer disclosures and reporting timelines can still vary and must be observed alongside MiCA requirements.

ESMA scrutiny of Malta and regulatory shopping considerations

The peer review described Malta’s framework as generally robust while noting areas to enhance, including scrutiny of growth plans, conflicts in multi-service models, and DeFi-related risks.The report highlights continued supervisory attention as the MiCA regime beds in across the EEA.

Concerns about potential “regulatory shopping” also persist, as reported by IFC Review (https://www.ifcreview.com/news/2025/july/malta-maltas-mica-fast-track-draws-oversight-concerns/?utm_source=openai), with some authorities warning that uneven pacing could create inconsistent outcomes under MiCA.At the time of writing, Coinbase Global (COIN) showed a pre‑market price of 161.64 USD, down 1.63%, based on data from Yahoo Scout.

FAQ about MiCA CASP licence

Does the licence allow BVNK to passport services across the European Economic Area (EEA), and how does passporting work in practice?

Yes, subject to MFSA notification to host states, limited to the authorised service scope, with local AML/consumer rules still applying. It does not approve unlicensed or banking activities.

How do BVNK’s EMI status and direct SEPA access enhance its stablecoin infrastructure for institutional treasury and payments?

EMI status enables regulated euro accounts and e‑money issuance; direct SEPA provides euro rails, improving on/off-ramps, settlement speed, and reconciliation for institutional treasury operations.