Tag Archives: EMI license

This tag is used to compile information on EMI license-related license applications, regulatory requirements, applicable business scenarios, and compliance paths.

Mastercard's $18 billion acquisition of BVNK: MiCA, CASP, and EMI licenses become core assets.
Mastercard's $18 billion acquisition of BVNK: MiCA, CASP, and EMI licenses become core assets.

Mastercard completed its acquisition of stablecoin payments company BVNK for up to $18 billion on August 3, 2026, several months ahead of the originally scheduled end of the year. The actual target of the transaction was not technology or customers, but rather BVNK's Malta MFSA.

15
June
EU MiCA: Stripe's Bridge receives dual CSSF licenses in Luxembourg; EMT issuers are added to the ESMA registry, becoming the 42nd licensed entity.
Bridge stated that it had obtained licenses from Luxembourg's MiCA CASP and EMI, and subsequent reports indicated that it had been added to the ESMA EMT directory.

Bridge officially announced on July 2nd that it had obtained MiCA CASP authorization and EMI license in Luxembourg, enabling it to expand its compliant stablecoin and euro payment services in 27 EU member states. Multiple reports on August 7th subsequently stated that its Luxembourg entity had appeared in the ESMA EMT directory; however, this rework no longer considers the "42nd licensed institution" designation as an independently verified conclusion.

10
June
Ripple makes strategic investments in UK-based ZILO and Licuido: Collateral Liquidity Compliance Framework for FCA-Licensed Tokenized Fund Infrastructure
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03
June
The Bank of Italy's test: Cross-border remittance costs for stablecoins can reach up to 9%—Compliance implications for EMI/PI licensed institutions under the MiCA and GENIUS Act framework.
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03
June
Global encrypted payment card transaction volume reached $43 billion in the first half of 2026: A panoramic view of EMI/PI/MSB licenses across multiple jurisdictions and compliance implications for licensed institutions.
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02
June
Luxembourg's CSSF awards Ripple a full MiCA CASP license: EMI+CASP dual licenses cover 30 European Economic Area countries.
Luxembourg's CSSF awards Ripple a full MiCA CASP license: EMI+CASP dual licenses cover 30 European Economic Area countries.

On July 6, 2026, the Luxembourg CSSF granted Ripple a full MiCA CASP license, making it a fully compliant entity under the EU MiCA framework. With its EMI+CASP dual license combination and passport mechanism, Ripple now covers all 30 European Economic Area countries. This brings Ripple's global regulatory licenses to over 75, placing it among the few fully authorized digital asset companies in Europe.

23
June
Visa, in partnership with 140 companies, launched the OpenUSD stablecoin: a zero-fee, revenue-sharing model that challenges the Circle licensing landscape.
Visa, in partnership with 140 companies, launched the OpenUSD stablecoin: a zero-fee, revenue-sharing model that challenges the Circle licensing landscape.

Open Standard, in partnership with over 140 companies including Visa, Stripe, and BlackRock, will launch the Open USD stablecoin on June 30, 2026. Its zero-minting-fee + reserve return model directly challenges the revenue structures of Circle and Tether. Circle's stock price has cumulatively fallen by approximately 40%. This article provides an in-depth analysis from four dimensions: business model, market impact, regulatory basis under the GENIUS Act, and the influence of licensed institutions.

17
June
The EU's MiCA 2.0 aims to block regulatory arbitrage through "dual issuance" of offshore stablecoins: Compliance challenges of the Circle and Paxos reserve models.
The EU's MiCA 2.0 aims to block regulatory arbitrage through "dual issuance" of offshore stablecoins: Compliance challenges of the Circle and Paxos reserve models.

The European Commission has launched revisions to MiCA 2.0, focusing on regulatory arbitrage mechanisms related to "dual issuance" by foreign stablecoin issuers. The same issuer can issue technically identical stablecoins both within and outside the EU, but subject to vastly different reserve rules. ECB President Lagarde has repeatedly emphasized that multi-jurisdictional issuance mechanisms pose a vulnerability to financial stability in the Eurozone, with Circle (USDC) and Paxos (USDG) being the primary targets. Consultation on the revisions is expected to continue until autumn 2026, with legislation potentially being enacted as early as 2028.

10
June
The Reshaping of the Stablecoin Market Under MiCA Compliance Pressure: The Regulatory Logic and Industry Impact of Revolut's Complete Delisting of USDT in the EEA and Switzerland
The Reshaping of the Stablecoin Market Under MiCA Compliance Pressure: The Regulatory Logic and Industry Impact of Revolut's Complete Delisting of USDT in the EEA and Switzerland

Revolut announced that it will completely delist USDT from the EEA and Switzerland by August 31, 2026. This decision stems from Tether's failure to apply for EMT authorization under the MiCA regulatory framework. This event marks a shift in the MiCA from a framework text phase to a market reshaping phase, with the decision of licensed institutions to list assets moving from a business choice to a regulatory compliance issue.

09
June
Lithuanian Banking License Application: Kraken's Path from EMI to Universal Bank EU License
Lithuanian Banking License Application: Kraken's Path from EMI to Universal Bank EU License

Kraken's parent company, Payward Europe, has obtained an EMI license in Lithuania and is applying for a full banking license from the Central Bank of Lithuania, potentially becoming the first cryptocurrency exchange to hold an EU full banking license. The four-tiered structure from MiCA CASP to MiFID to EMI to a banking license, the institutional references for Revolut's Lithuanian path, and the transatlantic Federal Reserve master account and...

08
June
Luxembourg's CSSF grants Ripple a full MiCA CASP license—the right to use encrypted payments in 30 countries under the EMI+CASP dual-license framework.
Luxembourg's CSSF grants Ripple a full MiCA CASP license—the right to use encrypted payments in 30 countries under the EMI+CASP dual-license framework.

Ripple于2026年7月6日获卢森堡CSSF授予完整MiCA CASP牌照，结合2月取得的EMI牌照形成双牌照架构，成为少数实现MiCA全栈合规的数字资产企业。MiCA过渡期已于7月1日截止，CASP牌照赋予EEA 30国单一通行权。Ripple全球牌照超75项，加密Payment累计处理量突破1,000亿美元。

06
June
The UK's FCA lowers the capital buffer for stablecoins to 1%: MiCA, offered at half price, aims to compete in the post-Brexit crypto market.
The UK's FCA lowers the capital buffer for stablecoins to 1%: MiCA, offered at half price, aims to compete in the post-Brexit crypto market.

On June 30, 2026, the UK's FCA released its final rulebook for crypto assets, reducing the capital buffer for stablecoin issuers from 2% to 1%, only half of the EU's MiCA. Simultaneously, it eliminated the obligation to report redemption forecasts and allowed a 5% capital buffer.

01
June
Ripple Receives Preliminary CASP License from Luxembourg's CSSF MiCA: An Analysis of the EEA's 30-Country Crypto Payment Passport
Ripple Receives Preliminary CASP License from Luxembourg's CSSF MiCA: An Analysis of the EEA's 30-Country Crypto Payment Passport

On June 23, 2026, Ripple received a preliminary CASP license (Green Light Letter) from the Luxembourg CSSF MiCA, forming a dual-license structure with its existing EMI license, enabling it to provide complete crypto asset and stablecoin payment infrastructure in the 30 EEA countries. With only one week left until the MiCA transition deadline on July 1, the EU CASP license race has entered its final sprint.

23
June
AllUnity in Germany issues MiCA, a compliant Swedish krona stablecoin (SEKAU): the first regulated krona EMT in the Nordic region, marking a multi-chain deployment and upgrade of the European multi-currency stablecoin network.
AllUnity in Germany issues MiCA, a compliant Swedish krona stablecoin (SEKAU): the first regulated krona EMT in the Nordic region, marking a multi-chain deployment and upgrade of the European multi-currency stablecoin network.

On June 19, 2026, AllUnity, a BaFin-licensed electronic currency institution in Germany, officially launched SEKAU, the world's first MiCAR-compliant Swedish krona stablecoin. It operates within the EU MiCA framework in the form of an EMT and is a joint venture established by DWS, Flow Traders, and Galaxy Digital. Banking Circle and Marginalen Bank form a two-tier bank reserve structure. It is simultaneously launched on five public chains, including Ethereum, filling the gap in the field of regulated stablecoins for the Swedish krona and providing a compliance reference for licensed institutions in the Asia-Pacific region to reuse multiple currencies under a single EMI license.

19
June
Trace Finance Raises $3200 Million in Series A Funding: Analyzing the Licensing and Compliance Infrastructure for Cross-Border Stablecoin Settlements in Latin America
Trace Finance Raises $3200 Million in Series A Funding: Analyzing the Licensing and Compliance Infrastructure for Cross-Border Stablecoin Settlements in Latin America

Brazilian cross-border payment infrastructure company Trace Finance has completed a $3200 million Series A funding round, led by CoinFund, with participation from Coinbase Ventures, Jump Capital, and Paxos. The company has processed over $100 billion in transactions and plans to expand from Latin America to the United States and the Asia-Pacific region, providing a new structural model for the competition in licensing and compliance infrastructure for global stablecoin cross-border settlements.

18
June
UK digital bank Revolut obtains UAE Central Bank SVF and retail payments licenses: An analysis of compliance paths and licensing frameworks for Middle East expansion.
UK digital bank Revolut obtains UAE Central Bank SVF and retail payments licenses: An analysis of compliance paths and licensing frameworks for Middle East expansion.

全球数字银行Revolut（7500万用户）于2026年6月17日正式获阿联酋央行颁发SVF牌照和零售Payment服务Category II牌照，完成自2025年9月原则性批准以来的全部监管授权流程。获牌后Revolut将在阿联酋提供多币种账户、实体及虚拟卡Payment、国际汇款等数字银行服务，并计划进一步拓展至土耳其和摩洛哥市场。

17
June
Delphi Report: Rain and RedotPay account for 90% of on-chain transactions in crypto cards; analysis of Visa/Mastercard dual-master membership vs. emerging market distribution dual-path licensing.
Delphi Report: Rain and RedotPay account for 90% of on-chain transactions in crypto cards; analysis of Visa/Mastercard dual-master membership vs. emerging market distribution dual-path licensing.

Delphi Digital's "Crypto Banking Framework" report tracks 190+ crypto card projects, with Rain and RedotPay accounting for approximately 90% of on-chain transaction volume. Rain holds dual master memberships with Visa and Mastercard, taking the infrastructure route, while RedotPay focuses on emerging markets, taking the distribution channel route. These five business models present an extreme duopoly structure.

17
June
Luxembourg's CSSF awards payment institution license to Zodia Custody, backed by Standard Chartered Bank: a compliance path for stablecoin EMT custody and transfers across the EU under the MiCA framework.
Luxembourg's CSSF awards payment institution license to Zodia Custody, backed by Standard Chartered Bank: a compliance path for stablecoin EMT custody and transfers across the EU under the MiCA framework.

Zodia Custody, an institutional-grade crypto custodian backed by Standard Chartered Bank, obtained a Luxembourg CSSF payment institution license on June 9, 2026, achieving a compliant closed loop for crypto asset custody and stablecoin EMT circulation based on its MiCA CASP license. This license enables Zodia to provide regulated stablecoin services across the 27 EU member states, marking the accelerated rise of bank-led crypto custody models.

10
June
Qivalis, a consortium of 37 European banks, has applied for an EMI license from the Dutch central bank: a compliance path for euro stablecoins under the MiCA framework to challenge the dollar's 99% market share.
Qivalis, a consortium of 37 European banks, has applied for an EMI license from the Dutch central bank: a compliance path for euro stablecoins under the MiCA framework to challenge the dollar's 99% market share.

欧洲银行联合体Qivalis成员从12家扩展至37家，覆盖15个欧洲国家。正在向Netherlands央行申请EMI牌照，计划在MiCA框架下于2026年下半年发行1:1欧元支持稳定币，挑战美元稳定币99%市场份额。S&P预测欧元稳定币市场将在2030年前增长至1.1万亿欧元。

08
June
The United States, Canada, and the European Union: Compliance Pathways and Licensing Cooperation Models for the Movement Stablecoin Payment Gateway
The United States, Canada, and the European Union: Compliance Pathways and Licensing Cooperation Models for the Movement Stablecoin Payment Gateway

In June 2026, Movement announced that it had obtained access to payment channels in the United States, Canada, and the European Union. However, it does not hold MSB, MTL, or EMI licenses itself. Its compliance path is achieved indirectly through cooperation with licensed remittance institutions and electronic money institutions. This article analyzes the compliance structure of the indirect licensing cooperation model, the differences in the licensing systems of the three regions, and its reference significance for payment institutions in the Asia-Pacific region.

03
June

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