CoinShares has expanded its presence in the US market since entering it in 2023, in addition to its presence in the EU, to compete with key industry peers.
CoinShares, a prominent European cryptocurrency investment firm, has obtained a license under the local regulatory framework, Markets in Crypto-Assets Regulation (MiCA).
CoinShares acquired the MiCA license through its French subsidiary, CoinShares Asset Management, the company disclosed on Wednesday.
The announcement noted that CoinShares became the “first continental European regulated asset management company” to be qualified under MiCA with the license.
Since acquiring Valkyrie Funds last year, CoinShares, a significant provider of crypto exchange-traded products (ETPs) in Europe, has expanded its presence in the United States.
Mixture of three licenses
Following the acquisition of the new license, CoinShares now possesses three regulatory licenses in Europe: the Alternative Investment Fund Managers Directive (AIFM) license, the Markets in Financial Instruments Directive (MiFID) license, and MiCA.
“CoinShares is the sole continental European asset manager with this triple license, which enables it to provide services across all EU asset classes,” the company stated.
The French Autorité des Marchés Financiers (AMF) granted CoinShares its MiCA license on Thursday, which enables the company to provide portfolio management and advice on crypto assets within the European Union. The MiFID license allows it to perform the same action with conventional financial instruments.
The AIFM license grants CoinShares the authority to offer delegated management and alternative fund management services under the EU’s Undertakings for Collective Investment in Transferable Securities Directive (UCITS).
A significant achievement for the entire European industry
The MiCA license acquisition is a significant milestone for the whole crypto industry in Europe, according to Jean-Marie Mognetti, the co-founder and CEO of CoinShares.
Mognetti observed that asset managers engaged in cryptocurrency have been restricted to “partial or improvised regulatory frameworks for an excessive amount of time.” He also stated that MiCA has established a “clear, harmonised structure throughout the EU.”
CoinShares underscored that its MiCA license permits it to offer services in numerous EU jurisdictions, including the Netherlands, Cyprus, France, Germany, Ireland, Lithuania, Luxembourg, Malta, and the Netherlands.
The announcement acknowledged the potential for extending the authorization to all EU member states.
CoinShares implements initiatives in the United States
CoinShares has been diligently striving to compete with its rivals in the US market since its official entry into the market in 2023, in addition to solidifying its status as a key industry leader in the EU.
Since the CoinShares Bitcoin and Ether ETF (BTF) was introduced in October 2021, a futures ETF that monitors the price of Bitcoin and Ether in the United States, the company has introduced three additional crypto funds to the market.
The spot Bitcoin ETF, CoinShares Bitcoin ETF (BRRR), and the Bitcoin Futures Leveraged ETF (BTFX) were launched in January 2024 and February 2024, respectively. The CoinShares Bitcoin Mining ETF (WGMI) was launched in February 2022.
Since last year’s acquisition of Valkyrie Funds, CoinShares has been actively applying for additional ETF products in the United States, including a prospective spot XRP (XRP) ETF.
