Nexo has restructured its European operations to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCAR), the company said this week. Instead of applying for a single direct license under the new framework, the crypto lender is working through two regulated German partners to ensure uninterrupted service across the European Economic Area.
Why the German route
MiCAR, which took full effect earlier this year, requires crypto firms serving EU customers to hold a license from a member state regulator. Nexo opted not to go for a direct license itself. Instead, it partnered with two already-regulated German entities — a structure that lets it offer its full product suite in the EEA without a gap in service.
The company didn’t name the German partners. It said the arrangement covers all current services, including lending, borrowing, and custody.
What changes for users
For existing Nexo customers in the EEA, the shift should be invisible. The company said it aims for uninterrupted service — no frozen accounts, no forced withdrawals, no sudden loss of access. The restructuring is purely behind the scenes, moving the legal and regulatory framework from Nexo itself to the German partners.
New users in the region will be onboarded through the same partners. Nexo stressed that the terms of service and product features remain the same.
The broader MiCAR landscape
Nexo is far from the only firm adjusting to the EU’s new crypto rulebook. Since MiCAR went live, a number of exchanges and lenders have shuffled their European entities, applied for licenses, or pulled out of certain markets. The regulation sets uniform standards for custody, disclosure, and stablecoin issuance across the bloc.
Germany, in particular, has become a popular jurisdiction for crypto firms to base their EU operations. Its regulator, BaFin, has a reputation for being strict but clear, and several companies have secured licenses or partnerships there.
What’s next
Nexo didn’t say whether it plans to eventually apply for a direct MiCAR license. For now, the German partnership model is its path forward. The company will need to keep those partnerships stable and ensure the German regulators remain comfortable with the arrangement. Any change in the partners’ regulatory status could force another restructuring.
The next concrete milestone is the ongoing compliance checks that come with operating under MiCAR — Nexo and its partners will face regular reporting and audits. How smoothly that goes will determine whether this structure holds or needs another tweak.
