U.S. financial services company Fidelity Investments intends to enter the European market following the passage of the Markets in Cryptoassets (MiCA) Act.
Fidelity Investments provides services to traders in securities and commodities, allowing them to invest in mutual funds and investment trusts and build portfolios in various instruments, including notes and fixed-income annuities.
Manuel Nordeste, Vice President of Digital Assets at Fidelity Investments, shared the company's plans to expand its presence in the European Union following the approval of the Markets in Crypto Assets (MiCA) Act.
The MiCA Act was developed to prevent the laundering of criminal proceeds and the financing of terrorism, as well as to ensure the safety and security of the crypto industry's clients, both consumers and investors. It also provides for the introduction of new regulatory measures for producers and sellers of cryptocurrencies, as well as for companies providing services within the EU. The requirements of the law apply not only to companies and individuals in the EU but also to residents of other countries.
According to information published on the DL News portal, Fidelity's main goal in the EU is to expand its offering in the cryptocurrency market, which it has been actively exploring recently.
This year, Fidelity began actively recruiting employees, offering U.S. employees the opportunity to invest in cryptocurrencies through retirement plans, and partnering with Charles Schwab and Citadel Securities to launch a digital asset marketplace called EDX.
In addition, Fidelity updated its app to focus on mitigating the risks associated with exchange-traded funds (ETFs).
Fidelity's decision to enter the cryptocurrency market in Europe underscores its commitment to tapping into the emerging world of digital assets.
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