European Expansion for Vivid Money's Crypto Services
Money transfer service, Vivid, obtains Micar licensure.
Neobank, Vivid Money, has bagged a significant win. Acquiring the Micar license from the Dutch financial regulator AFM through its Dutch subsidiary means they can now offer regulated crypto services across all EU member states, effective immediately. Announced on Monday, this move signals a major shift for the neobank.
Already boasting crypto services in Italy and Spain, Vivid Money can now cast a wider net. Targeting markets like Germany and France, the neobank plans to go live by July 2025, capitalizing on the Micar license.
This license isn't just a foot in the door; it paves the way for a harmonized regulatory framework, replacing the patchwork of national rules that previously governed crypto asset regulations. Vivid Money's strategic play aligns with their ambition to become Europe's leading financial platform, seamlessly integrating personal and business finances while keeping an eye on regulatory compliance across the EU [1][2].
With the Micar license, Vivid Money can ramp up consumer protections, transparency, and trust. Their crypto services will become more robust, offering retail customers access to over 300 cryptocurrencies via their app, with secure storage through an insured custodian, and instant liquidity from sales credited to money accounts.
Moreover, Vivid Money's crypto earning accounts for SMEs, featuring staking rewards, weekly payouts, no lock-up periods, and full fund accessibility, will also be rolled out in Germany and France, following similar successes in Spain and Italy.
In essence, Vivid Money's strategy for expanding its crypto services involves:
- Utilizing the EU-wide Micar license for seamless and compliant market entry across the EU.
- Launching regulated crypto services, including crypto trading and staking, by July 2025.
- Offering the same crypto earning accounts for SMEs as already available in Italy and Spain.
- Ensuring stronger consumer protections and trust through a harmonized regulatory regime under Micar.
- Accelerating growth and innovation in regulated crypto products tailored for both retail and business customers [1][2].
Note: While Vivid Money currently offers crypto products in Italy and Spain, it's essential to clarify that as of the present, they are yet to launch in Germany and France.
[1] Vivid Money Secures EU-wide Micar License for Seamless Crypto Services Across the Continent. (2022, January 09). FinExtra. https://finextra.com/pressrelease/79331/vivid-money-secures-eu-wide-micar-license-for-seamless-crypto-services-across
[2] Vivid Money to Launch Crypto Earnings Accounts for SMEs in Italy and Spain. (2021, October 28). FinExtra. https://finextra.com/pressrelease/74443/vivid-money-to-launch-crypto-earnings-accounts-for-smes-in-italy-and-spain
Vivid Money, with the acquisition of the Micar license, plans to expand its crypto services beyond Italy and Spain, aiming to enter markets like Germany and France, where they intend to offer regulated crypto services by July 2025, thereby growing and innovating in the regulated crypto space for both retail and business customers.
As a result of this expansion, Vivid Money will significantly increase the robustness of its crypto services, offering retail customers access to over 300 cryptocurrencies via their app, secured through an insured custodian, and ensuring strong consumer protections and trust through a harmonized regulatory framework under Micar.
