Singaporean-founded Paymonade has successfully navigated the European Union’s stringent new crypto regulations, securing a Markets in Crypto-Assets Regulation (MiCA) licence. This achievement places Paymonade among a select group of 280 firms authorised to operate across the European Economic Area (EEA) as the EU’s transitional period for MiCA concludes.
The regulatory overhaul has seen a dramatic reduction in the number of authorised crypto firms, with approximately 90% of the previous 3,000-plus firms failing to meet the new standards. Paymonade, trading as Damoon Technology Europe AG, received its licence from Liechtenstein’s Financial Market Authority, allowing it to offer regulated cryptoasset services across all 30 EEA states.
Calvin Cheng, founder and chairman of Paymonade, highlighted the significance of this milestone, stating, “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.” Cheng, a former Singapore Parliament member, emphasised the importance of pairing innovation with regulatory trust.
Paymonade serves as a fiat-to-crypto and crypto-to-fiat infrastructure provider, facilitating euro and other fiat currency settlements for payment providers, fintechs, and cryptocurrency exchanges. With an annualised transaction volume run-rate of US$18b as of H1 2026, the firm plans to double its European workforce and increase transaction volumes to CHF6b by mid-2027.
As the crypto industry faces increased regulatory scrutiny, Paymonade’s success in securing a MiCA licence underscores its commitment to compliance and positions it as a leader in the evolving digital asset landscape.
