BNY Expands Regulated Crypto Custody Across The European Union Under MiCA
BNY has expanded its Digital Asset Custody platform to selected institutional clients across the European Union under MiCA. The move follows the addition of its European banking entity to the ESMA MiCA register and gives one of the world's largest custody banks a regulated route to hold and administ
BNY, one of the world's largest custody banks, has expanded its Digital Asset Custody platform to selected institutional clients across the European Union under the bloc's Markets in Crypto-Assets regulation, known as MiCA. The expansion follows the registration of BNY's European banking entity on the European Securities and Markets Authority's MiCA register, granting the institution a regulated framework through which it can hold and administer crypto assets on behalf of clients in the region.
MiCA, which came into full effect at the end of 2024, established a unified regulatory framework for crypto asset service providers operating across EU member states. By securing a place on the ESMA register, BNY joins a growing list of traditional financial institutions seeking to offer compliant digital asset services within the EU's harmonized legal structure, avoiding the need to navigate separate licensing regimes in individual member states.
The move carries notable implications for the institutional crypto custody market in Europe. BNY's entry brings significant scale and credibility to a segment that has previously been dominated by specialized crypto-native firms. Institutional clients, including asset managers and pension funds, may now have access to regulated custody solutions from a counterparty with an established track record in traditional financial services.
Market observers will be watching whether BNY's European expansion prompts other major global custody banks to accelerate their own MiCA compliance efforts and broaden their digital asset service offerings across the region.
Source: NewsBTC
