Blockchain.com Secures MiCA License in Malta Amid EU Scrutiny

Blockchain.com’s acquisition of its MiCA license from the Malta Financial Services Authority (MFSA) represents a calculated expansion into the European Economic Area. A company spokesperson emphasized that Malta offered ‘the right combination of regulatory transparency, institutional expertise, and strategic access to the European Economic Area,’ making it the ideal base for their European operations. With Fiorentina D’Amore now leading EU strategy from Malta, the company is positioning itself to expand services across the region with full regulatory compliance.

The license enables Blockchain.com to utilize MiCA’s passporting mechanism, allowing authorization in one member state to serve as valid across all 27 EU countries. This comes as the company strategically reorients its European business away from centralized exchanges toward three core segments: brokerage services, institutional infrastructure, and self-custody wallet solutions. The shift reflects the company’s assessment of where the most significant growth opportunities lie in the evolving European crypto landscape.

Blockchain.com’s Malta licensing occurs amid growing concerns from European regulators about inconsistent implementation of MiCA across member states. In mid-September, markets authorities from France, Austria, and Italy called for stronger EU oversight, arguing that direct supervision by the European Securities and Markets Authority (ESMA) would better protect investors. Their concerns highlight the tension between national regulatory discretion and uniform EU standards.

The European Banking Authority (EBA) has specifically flagged what it terms ‘forum shopping’—the practice where crypto companies seek authorization in countries perceived as more lenient before using their licenses across the EU. This phenomenon has drawn particular attention to Malta, given its historical reputation for light-touch regulation in sectors like gambling and its previous ‘golden passport’ programs. Critics argue this approach could undermine the integrity of the bloc’s financial system by creating regulatory arbitrage opportunities.

A July ESMA review of Malta’s licensing practices found that while the MFSA demonstrated solid expertise and cooperation, some risks were not fully assessed during authorization. This assessment fuels ongoing debates about whether Malta’s regulatory approach maintains the rigorous standards expected under MiCA or represents a softer entry point to the EU market.

The concentration of crypto firms like Blockchain.com, Kraken, Gate, and Gemini in Malta reflects broader market dynamics under MiCA’s new regulatory framework. As Dr. Hendrik Müller-Lankow, a lawyer at German firm Kronsteyn, noted, ‘It is well known that people—and thus also authorities—in different member states have different mentalities when applying laws.’ This regulatory diversity, he suggests, is an inevitable feature of balancing national discretion with EU integration.

Meanwhile, Blockchain.com’s strategic pivot in Europe coincides with the company monitoring regulatory developments in other key markets, including the UK, Singapore, Latin America, and the Middle East. The firm has also acknowledged considering a U.S. public listing, though it hasn’t confirmed recent rumors about imminent plans. This global perspective underscores how crypto firms are navigating multiple regulatory environments simultaneously while prioritizing EU market access through MiCA’s standardized framework.

As Malta tightens restrictions on new crypto mining and licensing practices, the long-term sustainability of its appeal as a crypto hub remains uncertain. The ongoing tension between national regulatory approaches and EU-wide consistency will likely shape how both regulators and companies navigate the evolving crypto landscape, with Blockchain.com’s Malta expansion serving as a case study in the opportunities and challenges of MiCA implementation.