Mudrex, a prominent crypto investment platform headquartered in San Francisco with its base in Bengaluru, has achieved a significant milestone by obtaining operational licenses not only in India but also in European countries Lithuania and Italy. The announcement was made officially on Tuesday, underscoring Mudrex’s commitment to international legal compliance. The platform is supported by the Y-Combinator startup accelerator.

In India, Mudrex has registered itself as a reporting entity with the Financial Intelligence Unit (FIU). The FIU-IND, a central national agency, is responsible for receiving, processing, analyzing, and disseminating information regarding suspicious financial transactions to both domestic enforcement agencies and foreign FIUs. With this registration, Mudrex will collaborate with the FIU-IND to scrutinize questionable crypto transactions, bolstering security in the cryptocurrency sector and preventing misuse.

In Italy, Mudrex has obtained the OAM certification from the Organismo Agenti e Mediatori, a local entity tasked with ensuring that financial institutions in Italy adhere to the nation’s anti-money laundering regulations. All crypto firms are required to acquire this license before conducting operations in Italy.

In Lithuania, Mudrex has been recognized as a Virtual Asset Service Provider (VASP) by the Bank of Lithuania.

Edul Patel, CEO and Co-founder of Mudrex, commented on the company’s achievements, stating, “Mudrex is now India’s most regulatory compliant company. We believe that by taking these proactive steps, we are ensuring our platform’s integrity, increasing trust with our users, and also contributing to the broader adoption and acceptance of cryptocurrencies in the global financial system.”

With these licenses in place, Mudrex is positioned to incorporate the Markets in Crypto Assets (MiCA) framework into its operations in the coming months. While the legal framework for cryptocurrencies in India remains uncertain, European countries like Italy and Lithuania are actively aligning their Web3 ecosystems with the recently passed MiCA law in the European Union.

The MiCA framework focuses on consumer protection and the prevention of market manipulation and financial crimes within the cryptocurrency sector. It aims to combat insider trading, the unlawful disclosure of inside information, and market manipulation related to crypto-assets.