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Stablecoin issuer Paxos has agreed to acquire electronic money institution Membrane Finance which is licensed in Finland.
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Finland is a member of the European Union, which enforced strict rules for stablecoin issuers in June.
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Stablecoin issuer Paxos agreed to buy Membrane Finance, an electronic money institution based in Finland, to gain access to the European Union some five months after the bloc’s rules on stablecoins took effect.
Crypto companies have been taking steps to ensure they are compliant with the Markets in Crypto Asset (MiCA) regulations. The rules covering stablecoin issuers kicked in at the end of June, and the rest take effect at the end of the year. Coinbase last month said it would delist unauthorized stablecoin issuers from its exchange, and crypto exchange Gemini just started its operations in France.
“Upon completion of the acquisition, Paxos will be a fully licensed EMI in Finland and the EU,” the company said Tuesday. “Paxos intends to make its portfolio of assets and tokenization solutions compliant with Markets in Crypto Asset (MiCA) regulations.”
Terms of the acquisition, which is subject to regulatory approval, were not disclosed.
Edited by Sheldon Reback.
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Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
