Boerse Stuttgart Digital Granted Crypto Asset Service Provider License by German Regulator BaFin

Boerse Stuttgart Digital, the stock exchange operator's crypto arm, has secured a crypto asset service provider (CASP) license from German regulator BaFin, allowing it to provide services across the European Union (EU) under the bloc's Markets in Crypto Assets (MiCA) regulations, Boerse Stuttgart said on Monday.

The company, which operates a brokerage and an exchange, plans to use the license to expand its offerings for financial institutions across Europe, Matthias Voelkel, CEO of Boerse Stuttgart Group, said in an emailed statement.

“With the license, we can now fully exploit the opportunities arising from MiCA for the European rollout of our services in the crypto asset sector,” Voelkel said.

Companies have been applying for MiCA licenses, which allow crypto asset service providers to operate across the 27-nation bloc. The requirement came into effect on Dec. 30, before which CASPs had to obtain licenses in each nation separately.

“The issuance of the MiCAR license, just a few weeks after the adoption of the required national legislation, also enhances Germany's overall competitiveness in the European crypto market,” Oliver Vins, Boerse Stuttgart Digital's chief finance and regulatory officer, said in the email.

Germany passed the legislation needed to implement MiCA days before the year-end deadline despite political turmoil that resulted in an early election being called for Feb. 23.

Boerse Stuttgart Digital joins MoonPay, BitStaete, ZBD and prime brokerage and clearing company Hidden Road, which received the license from the Dutch Authority for the Financial Markets (AFM) in December.