Paymonade Becomes One of Few Singaporean-Founded Firms to Clear MiCA's Bar

Singaporean-founded Paymonade is one of just 280 firms authorized across Europe under the new Markets in Crypto-Assets Regulation (MiCA) as its transitional period closes.

The European crypto industry has undergone a drastic consolidation with roughly nine out of ten previously operating firms not converting, exiting, or continuing to operate without a license in breach of EU law.

Prior to MiCA's full effect, the bloc was home to an estimated 3,000-plus registered crypto firms operating under a patchwork of national regimes. Paymonade, trading as Damoon Technology (Europe) AG, has been granted a MiCA licence by Liechtenstein's Financial Market Authority.

The authorisation permits Paymonade to provide regulated crypto-asset services across all 30 states of the European Economic Area under a single passportable licence. With an annualised transaction volume run-rate of US$1.8 billion, Paymonade ranks among the more substantial fiat on- and off-ramp infrastructure providers operating under the new MiCA regime.

'The era of lightly regulated crypto is ending,' said Calvin Cheng, Founder and Chairman of Paymonade. 'Getting this licence over the finish line shows the strength of the institution we've built.'