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As the European Union rolls out MiCA regulation, crypto asset companies gear up for necessary licensing that will determine their operational fate in the region. To continue functioning, they must obtain MiCA licenses.
The caveat? Licensing is expensive and requires crypto platforms to be transparent about their operations, finances, and governance, meaning they must beef up their compliance teams to meet regulatory requirements.
While most have welcomed the regulation, hoping it may finally encourage true crypto adoption among end users, logistically, few might be well positioned to keep operating post-MiCA deadlines.
How will the regulation affect crypto exchange companies?
Crypto-fiat onramp providers face an impending roadblock: stablecoins will be regulated as Electronic Money Institutions (EMI), meaning the only way forward is to get licensed.
This poses a challenge for platforms that might have to delist stablecoins since obtaining an EMI license isn’t straightforward and requires a minimum initial capital of at least €350,000.
On the other hand, if they decide to go ahead with the license, the passporting rights will allow businesses to continue serving EU clients once approved in a member state.
These are just a few of the roadblocks to compliance. Launching a crypto exchange platform from the ground up is tedious and expensive, taking months to launch. Adding the hiring of a dedicated development team to create the application and handle support tickets increases resource expenditure.
Solution? Partner with a MiCA-licensed company that takes care of all compliance and development necessities for you.
Striga’s White Label Banking as a Service Solution
Imagine a set of APIs that lets you create your own all-in-one branded crypto exchange platform without any of the compliance and tech hassle.
That’s Striga’s crypto white label banking platform.
Built for crypto businesses to onboard end users with a single digital AML/CFT compliance and offer cards, wallets, and trading capabilities.
Explore the Business Possibilities of White Label Banking Platform
Crypto Exchange Platform – This allows users to swap at market rate from one currency to another.
Striga’s APIs let you create crypto exchanges without the need to acquire any licenses or comply with regulations on your end, so you can focus on building your platform instead.
Infra Crypto Exchange Wallets – Issue wallets with vIBANs and crypto deposit addresses for individual digital assets. Allow end users to transfer fiat and digital currencies to their wallets and exchange assets like on any other platform.
Cartes Crypto – With Striga’s white label crypto cards APIs, you can offer branded, fully customizable crypto-backed physical and virtual cards to your end users.
Linked to a crypto account, users can make direct payments, with the amount deducted from the user’s account.
Why Choose Striga as Your BaaS White Label Partner?
As experienced banking service providers, we understand that complex flows and hundreds of APIs are inconvenient.
Hence, we keep it simple.
We built one set of APIs to accomplish a specific set of functions.
Striga’s infrastructure empowers developers and businesses to focus on building their product with a simple drag-and-drop feature without having to worry about compliance.
For a quick and easy launch process, start by submitting a request where you briefly tell us about your fintech company. Our experts will reach out to you for a product and pricing overview to help decide on a plan that suits your business needs best.
Once you receive the tailor-made pricing based on your Flow of Funds and Settlement Infrastructure, you’re all set to explore the publicly available sandbox to build and test your flows safely for free until you’re ready to launch.
White Label Banking as a Service: Build and launch your product with just one set of APIs
Join the financial businesses that use Striga’s cloud platform to delight their customers and launch their own products without the complexities that come when dealing with core banking solutions’ relationships, licensing, compliance and payments methods.
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