Helsinki – January 3rd, 2024
Kvarn Capital Oy announces a significant milestone in offering comprehensive services related to crypto assets. Kvarn has received Electronic Money Institution (EMI) registration from the Finnish Financial Supervisory Authority. The registration allows Kvarn to offer payment services and organize the issuance of electronic money related to the cryptoasset brokerage and trading services, marking a significant step in preparation for the entry into force of the EU MiCA (Markets in Crypto Assets) regulation and the changes it will bring to the organizing payment services related to cryptoasset services.
Reform of payment services with MiCA regulation
The MiCA regulation will gradually come into effect in 2024, bringing significant changes to the cryptocurrency sector's operating environment in the EU. The evolving regulation introduces new requirements and standards, especially in organizing payment services and interacting with stablecoins. These requirements will apply to all cryptoasset service providers within the EU. In order to hold fiat client funds, offer payments services for crypto asset service users, or offer services for MiCA-compliant stablecoins, operators will also need to be regulated for payment services in the future. Until now, practices have varied significantly between EU member states, making it difficult for customers to assess the reliability and standards required of an organisation.
Expansion of Kvarn X and new payment services
With this new registration, Kvarn Capital expands its Kvarn X service to offer clients a more diverse range of payment services. This includes conventional payment services related to trading, as well as the utilization of new stablecoins classified as electronic money, supporting MiCA-compliant operational practices.
Significant milestone in preparing for upcoming regulation
Kvarn Capital's CEO Antti Pirinen emphasizes the importance of the new registration: "The electronic money institution status grants us broader authority to offer our clients payment services, especially considering the requirements of the MiCA regulation coming into effect this year, including services related to stablecoins."
More Information
For more information about Kvarn Capital's new status as an electronic money institution and MiCA-compliant payment services, visit the company's website. Follow the latest trends in fintech and the crypto sector by subscribing to the Kvarn Pulse newsletter. You can also contact our asset managers and discover how Kvarn Capital can support your investment goals in the new regulatory environment.
