Singaporean Crypto Firm Pays Dues Under Europe's Tough New Regulations

Singaporean-founded Paymonade has successfully cleared Europe's new crypto regulations under the Markets in Crypto-Assets Regulation (MiCA). As of July 1, 2026, only about 280 firms have been authorized EEA-wide, with approximately 90% of previously operating crypto firms exiting or continuing to operate without a license.

Paymonade, trading as Damoon Technology (Europe) AG, has been granted a MiCA licence by Liechtenstein's Financial Market Authority. This permits the firm to provide regulated crypto-asset services across all 30 states of the European Economic Area under a single passportable license.

The company, founded and led by Calvin Cheng, a Singapore citizen and former Nominated Member of the Singapore Parliament, specializes in fiat-to-crypto and crypto-to-fiat on-ramp and off-ramp infrastructure. Paymonade enables banks, fintechs, and exchanges to connect traditional finance with the digital asset economy through regulated infrastructure.

With an annualized transaction volume run-rate of US$1.8 billion as of the first half of 2026, Paymonade ranks among the more substantial fiat on- and off-ramp infrastructure providers operating under the new MiCA regime.