Bullish‘s European unit has won a Markets in Crypto-Assets (MiCA) license from Germany’s Federal Financial Supervisory Authority (BaFin), clearing a major regulatory hurdle and allowing the company to passport its services across the European Union.
Bullish Europe — headquartered in Frankfurt — said the approval follows earlier crypto brokerage and custody permissions it secured from BaFin. The MiCA authorization means the firm can now offer licensed trading, custody and related services to customers in other EU member states while remaining supervised by BaFin as its home regulator.
The approval matters because MiCA creates a single, harmonized regulatory framework across the EU, giving licensed firms clearer compliance rules and customers stronger legal protections. For Bullish, the license could accelerate plans to expand product offerings and support institutional onboarding across the bloc. It could help Bullish attract institutional clients and compete with established European venues by offering local fiat on-ramps and regulated custody services.
Bullish Group, which also owns CoinDesk, recently listed on the New York Stock Exchange under ticker BLSH. Shares spiked to about $102 on debut from a $37 IPO price; the stock traded at approximately $49.01 at Thursday’s close, according to the company. The EU MiCA license adds a regulatory credential as the exchange pursues growth outside the U.S.
Regulatory and market risks remain. A MiCA license requires ongoing compliance and reporting to BaFin, and passporting does not remove obligations in each country where services are offered. Licensing reduces certain legal uncertainties but does not eliminate operational, market or counterparty risks for customers and investors.
Source: CoinDesk. Read the original coverage for full details.
