Singapore-founded Paymonade has received a licence under the European Union’s Markets in Crypto-Assets (MiCA) regime, effective July 1, 2023. The approval, granted by Liechtenstein’s Financial Market Authority, enables the firm to offer regulated crypto-asset services across the 30-member European Economic Area (EEA). This milestone is notable as approximately 90% of Europe’s over 3,000 crypto firms did not meet the MiCA deadline.
Key Details
Paymonade, which operates under the trading name of Liechtenstein-based Damoon Technology (Europe), provides digital asset infrastructure for payment providers, fintech firms, and cryptocurrency exchanges. The company reported an annualised transaction volume run rate of $1.8 billion as of the first half of 2026, with several major cryptocurrency exchanges among its clients. Calvin Cheng, founder and chairman of Paymonade, emphasized the significance of obtaining the licence, stating,
The era of lightly regulated crypto is ending. Getting this licence over the finish line, at a time when the vast majority of firms in our industry have not, shows the strength of the institution we have built.
Background
With this licence, Paymonade plans to engage in active discussions with exchanges, fintech firms, and banks that require compliant European fiat infrastructure. The company aims to expand its services across the EEA, positioning itself as a key player in the evolving regulatory landscape of the crypto industry.
Paymonade's licensing could enhance investor confidence in regulated crypto services, potentially impacting sectors related to digital assets and fintech. Increased compliance may lead to greater institutional investment in cryptocurrencies. Investors will watch for further developments in Paymonade's partnerships and service expansions in the coming months.