Venga’s Pre-Application for MiCA License Shows Early Compliance Efforts in Crypto Sector

Barcelona-based crypto platform Venga is taking proactive steps towards regulatory compliance in the European Union by submitting its pre-application for the Markets in Crypto-Assets (MiCA) license to Spain’s Comisión Nacional del Mercado de Valores (CNMV). This move showcases Venga’s dedication to aligning with EU-wide crypto standards and ensuring an early and smooth transition ahead of the regulatory deadline set for December 31, 2025.

MiCA, which came into effect on December 31, 2024, establishes a unified regulatory framework for crypto-asset service providers (CASPs) throughout Europe. While CASPs in Spain have a transitional period allowing them to operate under national licenses until December 31, 2025, Venga’s proactive engagement positions them well to comply with the new standards before the deadline.

The pre-application phase offers applicants the chance to identify and address any potential compliance gaps during an “experimental period.” By interacting with regulators to receive feedback, companies like Venga can enhance their applications and minimize the risk of delays or denials, setting the stage for a seamless transition to full compliance.

Venga’s CEO, Michael Stroev, emphasized the company’s commitment to a compliance-first approach, highlighting their successful VASP registrations in Spain and Poland. The next objective is to obtain the MiCA license, enabling Venga to offer its services across the entire EU and introduce more Europeans to innovative blockchain products and services.

MiCA introduces stricter standards than current regulations, focusing on anti-money laundering (AML), market integrity, and customer transparency measures. Venga is utilizing the transitional period to align its internal policies and controls with these new requirements, preparing for enhanced compliance and operational excellence.

Venga’s Chief Compliance Officer, Ana Carolina Oliveira, stressed the importance of robust internal policies and investments in advanced compliance technologies to maintain regulatory excellence. She emphasized that MiCA entails more than just a license – it involves implementing solid internal procedures to ensure strict AML policies, prevent market manipulation, and enhance transparency in communication with customers and regulators.

The platform offered by Venga caters to European users, providing a mobile app that simplifies access to Web3 services, including decentralized finance (DeFi), cryptocurrency trading, and staking. With a focus on user-friendly design, Venga aims to bridge the gap between blockchain technology and everyday users, enhancing the overall user experience in a regulated environment.

By pursuing its MiCA pre-application, Venga is not only preparing for the evolving regulatory landscape but also leading the way in proactive compliance within the crypto industry. This forward-thinking approach positions the company to expand its services across Europe, building trust, reliability, and transparency in the digital economy.