Paymonade Secures MiCA Licence Amid Tightening European Crypto Regulations

Damoon Technology (Europe) AG, operating as Paymonade, is among the few to achieve authorisation under Europe's new Markets in Crypto-Assets Regulation (MiCA). As the EU's transitional period concluded, around 90% of previously compliant crypto firms failed to secure the licence, which is now held by only 280 companies across Europe.

With a MiCA licence granted by the Financial Market Authority of Liechtenstein, Paymonade can offer regulated crypto-asset services across all 30 states of the European Economic Area. This regulatory shift poses challenges even for top global exchanges, many of whom remain unlisted in the MiCA register.

Led by Singaporean Calvin Cheng, Paymonade supports financial institutions with fiat-to-crypto solutions, boasting an annual transaction volume of $1.8 billion. The firm aims to increase its European workforce and transaction volume in the coming year.