Mudrex, a crypto investment firm closely linked to India, has forayed into the international market starting with Italy. The Bengaluru and San Francisco-based firm has bagged legal recognition in Italy, which now officially allows it to offer its services in one part of the European Union (EU). In an announcement made on Monday, May 15, Mudrex said it has obtained a ‘Virtual Asset Provider' licence in the EU while lauding the regulatory clarity around the digital assets sector in the region.
Mudrex lets its users create systematic investment plans (SIPs) with cryptocurrencies. Now, the firm has been granted an operational licence from the European Central Bank (ECB). This licence will allow Mudrex to operate as a registered broker dealer and crypto custodian within the EU.
“Our mission is to democratise crypto investing and to make it accessible to everyone. After conducting extensive research on the European market, we have reached a point where we are prepared to serve the crypto investing needs of Italian investors. We have consistently prioritised being compliant with rules and regulations, including meeting the rigorous standards established by the EU,” Edul Patel, CEO & Co-founder of Mudrex, said in a prepared statement.
Like several other parts of the world, the EU nations are also looking to expand their knowledge and trials with Web3 elements including cryptocurrencies, NFTs, and the metaverse.
To ensure a legally-secured growth of this sector, the EU is getting ready to roll out the MiCA regulations in the coming times.
The Markets in Crypto Assets (MiCA) framework largely revolves around consumer protection and prevention of market manipulation and financial crimes in the crypto sector. The MiCA bill is aimed at preventing insider dealing, unlawful disclosure of inside information, and market manipulation related to crypto-assets from happening.
Mudrex has lauded the clarity in crypto-related regulations in the EU, which makes it easy for the companies to conduct business.
“To ensure full compliance, Mudrex has established a branch office in Milan, Italy. The company has also onboarded multiple brand ambassadors across Italy including some famous influencers such as Surry, Talo, Carmine Migliaccio,” the statement from the investment platform noted.
Last December, US-based PayPal expanded its crypto services in the EU, choosing Luxembourg as its point of entry.
Since its launch in 2018, Mudrex claims to have roped-in over a million customers, with 70 percent emerging from India.
The crypto sector, meanwhile, is still being analysed by India to make sure that the laws being drafted to regulate it address concerns and offer risk mitigation solutions.
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