London-based crypto liquidity provider B2C2 said Thursday it has scooped up European market maker Woorton, for an undisclosed sum, ahead of next year’s MiCA legislation.
B2C2’s acquisition of Paris-based Woorton grants it access to a PSAN license, regulated by France’s financial regulator AMF, allowing the provider to facilitate crypto trading across the EU.
The provider is seeking to bolster its client growth beyond its domestic market as well as its operations abroad. The acquisition is not expected to impact the provider’s strategy or offerings across Asia-Pacific and US markets, Blockworks was told.
In turn, Woorton, which supports close to 250 clients trading various digital assets, will gain access to a more “robust liquidity pool” and an enhanced market presence, the company said.
B2C2, over the next few months, said it and Woorton’s staff will focus on extending liquidity to the region. They also plan to adopt necessary policies and practices in an attempt to maintain compliance under shifting rules governing the industry.
“Both teams will gain further competencies in their approach to operating in different regulated jurisdictions and we will continue to adapt our risk and operational frameworks,” a company spokesperson said.
Woorton, which employs roughly 15 people, is a co-founder of the Association for the Development of Crypto-Assets and is a founding member of Paris Blockchain Week.
The association attempts to engage with French policymakers in an effort to shape the nation’s digital asset regulations. Earlier this year, the AMF updated its rules for digital asset service providers by requiring those entities to abide by “enhanced” registration requirements in line with MiCA.
MiCA, or Markets in Crypto-Assets Regulation, which came into effect in June, aims to create a uniform set of rules governing digital assets across the EU’s 27 member states.
Key aspects include regulated licensing and supervision as well as shoring up consumer protections and market integrity. It’s the most expansive regulatory framework within the region to date, which also lays out rules on governance, conflicts of interest and technical standards.
The legislation is expected to be fully implemented for crypto businesses by December 2024.
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