Mudrex crypto investment platform has expanded its portfolio of operational licences outside of India. The company, in an official announcement on Tuesday, said that it is now a registered crypto firm in the European nations of Lithuania and Italy as well. This makes for a business growth milestone for Mudrex now that its level of legal compliance has risen on an international level. The platform itself is headquartered in San Francisco, based in Bengaluru and backed by startup accelerator the Y-Combinator.
In India, Mudrex has registered itself as a reporting entity with the Financial Intelligence Unit (FIU). A central national agency, the FIU-IND is responsible for receiving, processing, analysing and disseminating information around suspicious financial transactions to enforcement agencies as well as foreign FIUs. Now, the crypto investment platform will work alongside the FIU-IND to bring questionable crypto transactions under the scanner, safeguarding the sector from being exploited and misused.
The platform, in Italy, has bagged its OAM certification. The Organismo Agenti e Mediatori is a local Italian entity responsible for ensuring that all financial institutions operating within the country follow the nation's anti-money-laundering requirements. All crypto firms are mandated to apply for this licence before setting shop in Italy.
In Lithuania meanwhile, Mudrex is now a recognised as Virtual Asset Service Provider (VASP). This accreditation has been awarded to the firm by the Bank of Lithuania.
“Mudrex is now India's most regulatory compliant company. We believe that by taking these proactive steps, we are ensuring our platform's integrity, increasing trust with our users and also contributing to the broader adoption and acceptance of cryptocurrencies in the global financial system,” said Edul Patel, CEO and Co-founder of the crypto investment firm.
Essentially, Mudrex could now begin working to incorporate the MiCA law into its operational system in the coming months. While in India, the legal framework for crypto is still blurry — European nations of Italy and Lithuania among others are already working to align their Web3 ecosystem with EU's recently passed MiCA law.
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 aims to prevent insider dealing, unlawful disclosure of inside information, and market manipulation related to crypto-assets.
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