Paymonade is one of the handful of crypto asset service providers to clear the MiCAR deadline on July 1. The continent’s crypto industry is now shifting based on the long-awaited regulatory changes.
Damoon Technology (Europe) AG, trading as Paymonade, was granted a MiCA license by Liechtenstein’s Financial Market Authority (FMA). With this license, Paymonade becomes a part of the new core of European crypto firms, not ousted by the July 1 MiCAR deadline.
Once cleared by Liechtenstein, Paymonade can provide regulated crypto-asset services to all 30 nations in the Euro Area. For now, the EU has decided on a unified regulation, with no plans to return crypto trading under national supervisors.
“The era of lightly regulated crypto is ending,” said Calvin Cheng, Founder and Chairman of Paymonade.
“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’ve built. We expect the next generation of leaders in digital assets to be firms that pair innovation with regulatory trust, and we intend to be one of them.”
Paymonade is one of the regularly used fiat ramps for crypto traders, a position that necessitates a MiCAR license. The firm settles fiat transactions for other crypto service providers, fintechs, and exchanges that may need to settle into euros or other fiat currencies.
Paymonade achieved an annualized transaction volume of $1.8B based on the performance in H1 2026. With those results, Paymonade ranks among the most liquid fiat infrastructure providers in the EU.
Paymonade is one of 280 firms to continue working in the EU
After the final MiCAR deadline, only 280 firms hold a full authorization for access to the Euro Area market.
The deadline removed nine in 10 crypto service asset providers, though some of the firms are still working toward full MiCAR authorization.
After a long grace period, even big players like Binance could not clear the MiCAR requirements. After the July 1 deadline, only a small fraction of crypto exchanges will retain their position with full authorization. As a result, Paymonade is moving on in a shifting European crypto market, without competition from some of the industry’s biggest players.
The Euro Area has over 3,000 registered crypto firms operating based on local financial authority restrictions. The options ahead of those firms are to exit the market, restructure, or continue to operate in breach of the law.
Paymonade has secured its position, making sure it would not need to close on short notice or leave its clients scrambling to move funds.
Paymonade secured MiCAR authorization with an insurance policy
Damoon Technology met the regulatory capital requirements under Article 67 of MiCAR by obtaining an insurance policy. The insurance policy is transparent on the company’s site.
The insurance has a term of not less than a year, and a 90-day notice period for cancellation. The exchange insurance is provided by a third-party entity.
The Paymonade CEO, Milos Winter Bogdanovic, is responsible for updating and publishing the exchange’s insurance policy to the public.
Paymonade plans to double its headcount in the European market in the next 12 months, as it will expand to new institutional clients. The platform expects its annualized volume to grow to over $7.4M in the next 12 months.
