Venga Submits Pre-Application for MiCA License to Ensure Compliant Access to Crypto-Assets
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/