Stablecoin Issuer Paxos to Buy Finland's Membrane Finance to Gain EU Access
Summary
Paxos has agreed to acquire Membrane Finance, an electronic money institution in Finland, to enter the European Union market following the implementation of the EU's stablecoin regulations. The acquisition will make Paxos a fully licensed electronic money institution in Finland and the EU. Paxos plans to align its asset portfolio and tokenization solutions with the Markets in Crypto Asset (MiCA) regulations. The acquisition terms remain undisclosed and are pending regulatory approval. Crypto companies, including Coinbase and Gemini, are adjusting operations to comply with MiCA rules, which began affecting stablecoin issuers in June.
