BitPay has obtained a license from the Dutch Authority for the Financial Markets (AFM) as a crypto-asset service provider under the Markets in Crypto-Assets (MiCA) framework. The approval, announced this week, lets the company offer regulated crypto payment services in the Netherlands and sets the stage for expanding its stablecoin offerings across the European Union.
What the license covers
The AFM registration under MiCA means BitPay can legally provide crypto-asset services in the Netherlands, including custody, exchange, and payment processing. MiCA, which came into full effect earlier this year, creates a single regulatory regime for crypto firms across the EU. By securing a license in one member state, BitPay can passport its services to other EU countries without additional national approvals.
Stablecoin push
BitPay plans to use the license to ramp up stablecoin payment options for merchants and consumers. The company already supports USDC, USDP, and other stablecoins, but the regulated status under MiCA could make it easier to onboard European businesses that have been cautious about crypto volatility. Stablecoins pegged to fiat currencies are a key part of BitPay's strategy to offer predictable transaction values.
Why the Netherlands
The Dutch AFM has been one of the more active regulators in the EU crypto space, and the Netherlands is a hub for fintech and payments innovation. BitPay's choice to seek licensing there rather than in a larger market like Germany or France may reflect the AFM's relatively streamlined application process under MiCA. The country also has a high rate of digital payment adoption, making it a natural testbed for stablecoin services.
With the license in hand, BitPay can now start actively marketing its regulated status to European merchants and partners. The company hasn't given a specific timeline for rolling out new stablecoin features, but the regulatory green light removes a major hurdle. For the broader crypto payments industry, BitPay's move is another sign that MiCA is starting to reshape how firms approach the European market — one license at a time.
