Backpack confirmed that it had been granted three European key compliance qualifications, corresponding to encrypted assets, investment services and payment services. As EU regulatory requirements tighten, competition among exchanges around compliance licences is accelerating.
Three plates are in place.
Backpack states that it met the requirements of MiCA, MiFID II and PSD2. The first two cover, respectively, encrypted asset services and traditional financial market services, while PSD2 deals with payment services and open banking rules.
This means that Backpack ' s business layout in Europe is no longer confined to encrypted transactions, but extends to securities, derivatives and payment-related links.
Currency consolidation contracting European operations
According to the article, Franz-Ann failed to complete the relevant clearance by the deadline and has temporarily contracted in Europe. On the other hand, it indicated that it had withdrawn its CASP application in Greece and stated that it was a carefully considered decision.
It was also mentioned that the plan continues to seek authorization in France and that it is expected that permission may be obtained within months.
Exchange competition to compliance
The founder of Bianan Zhao Chang Peng described this change as “the European loss”. OKX founder Xu Sing counter-claimed that failure to comply on time reflected the company ' s attitude towards regulation.
Following the contraction of its European operations, OKX was cited as one of the largest local MICA regulatory exchanges.