Barcelona, Spain, January 29th, 2025,
Chainwire
Venga, the European crypto app, has taken a proactive step
toward ensuring EU regulatory compliance by submitting its
pre-application for the Markets in Crypto-Assets (MiCA) license.
The move demonstrates Venga's commitment to adhering to the highest
standards of regulatory excellence and industry leadership.
Venga's decision to submit a pre-application to Spain's national
competent authority, the CNMV, reflects its strategic vision and
recognition of the benefits associated with early adoption. The
pre-application phase facilitates an "experimental period" during
which companies like Venga can engage with regulators to receive
feedback and refine their applications.
This cooperative environment allows applicants to address
potential deficiencies before formal evaluation, reducing the risk
of application denial and ensuring smoother transitions to full
compliance. By taking these early steps, Venga also mitigates the
risk of bottlenecks closer to the December 2025 deadline, ensuring
it is well-positioned to secure its MiCA license in a timely
manner.
MiCA officially came into effect on December 31, 2024,
introducing a harmonized regulatory framework for the crypto sector
across the European Union. Under its provisions, Crypto-Asset
Service Providers (CASPs) in Spain can operate under existing
national licenses during a transitional period ending on December
31, 2025.
Venga's CEO, Michael Stroev, said: "We have had a
compliance-first approach from day one, which has already resulted
in Venga successfully obtaining Virtual Asset Service Provider
(VASP) registrations in Spain and Poland. The next step is to
secure the MiCA license, enabling us to market our services across
the entire EU, which will allow more Europeans to discover and
access new blockchain innovative products and services through
Venga."
The MiCA framework imposes more stringent requirements than
existing national regulations. By engaging in the pre-application
process, Venga leverages the transitional period to implement and
refine the internal policies and controls needed to meet these new
standards. This proactive approach allows for a seamless adaptation
to the MiCA framework while ensuring business continuity.
The MiCA regulation is poised to bring consistency and
transparency to the European crypto market, fostering trust and
security across the industry. Venga's early adoption of the
pre-application process exemplifies the forward-thinking strategies
necessary for long-term success in the sector. By taking proactive
measures, Venga is not only securing its future but also setting a
benchmark for other CASPs navigating the new regulatory
landscape.
Venga's Chief Compliance Officer, Ana Carolina Oliveira said:
"We are committed to ensuring that Venga becomes a leader in
regulatory excellence by maintaining robust internal policies and
investing in advanced compliance technologies. MiCA is not only
about a license. It is about implementing solid internal procedures
to ensure strict AML policies, prevent market manipulation,
guarantee prudential safeguards and transparency in the
communication with customers and the regulators”.
The Venga mobile app allows EU citizens to access web3 services,
including decentralized finance (DeFi), cryptocurrency trading, and
staking. It provides a streamlined user experience that makes it
easy for beginners to enter the digital economy and start utilizing
blockchain products. The receipt of a MiCA license will enhance
Venga's reputation as a compliant crypto service that meets the
highest industry standards.
About Venga
Founded in Barcelona in 2023, Venga is a crypto startup
dedicated to taking innovations from the Blockchain and DeFi space
and making them more accessible to the masses inside a powerful and
user-friendly mobile app. Venga empowers people to effortlessly
discover, invest in, and navigate the world of Web3 while educating
about it. The team is formed of experienced crypto professionals
who are firm believers in blockchain technologies and that the
future of finance will be decentralized.
Learn more: https://venga.com/
Contact
Marketing
Manager
Yvan
Domingues
marketing@venga.com