Crypto Regulation in Transition: First MiCA Licenses Granted as US Regulator Moves to MoonPay

First MiCA License for German Crypto Custody

Hauck Aufhäuser Digital Custody GmbH (HADC), a subsidiary of Hauck Aufhäuser Lampe Privatbank, has received authorization from the Federal Financial Supervisory Authority (BaFin) under the European Markets in Crypto-Assets Regulation (MiCA) ^[1]. The license was granted effective late November 2025 and supplements the existing qualified crypto custody license in Germany ^[1].

The authorization covers the custody and administration of crypto assets as well as transfer services for crypto assets, including the execution of transactions on behalf of clients ^[1]. Through the so-called passporting procedure, HADC will be able to offer these services in other European Union member states ^[1].

Focus on Institutional Clients

Hauck Aufhäuser Digital Custody is among the first providers with a German crypto custody license and specializes in institutional clients such as banks and financial institutions ^[1]. This focus will be maintained under the new European regulatory framework ^[1]. Since 2025, Hauck Aufhäuser Lampe Privatbank has been part of the ABN AMRO Group, under whose umbrella the digital asset business is to be further expanded ^[1].

Yorick Naeff, Head of Innovation at ABN AMRO, explained that the Europe-wide MiCA license provides a foundation for expanding regulated offerings in the digital asset sector ^[1]. Managing Director Heinz-Dieter Kindlein emphasized the constructive dialogue with BaFin during the authorization process ^[1]. The MiCA regulation came into force on December 30, 2024, and creates for the first time a unified legal framework for crypto asset services in the European Union ^[1].

Caroline Pham Moves from CFTC to MoonPay

Parallel to these developments in Europe, a personnel change in the United States is generating attention. Caroline Pham, acting chair of the U.S. Commodity Futures Trading Commission (CFTC), is moving to the crypto industry ^[2]. Pham will serve as Chief Legal and Administrative Officer at crypto payment provider MoonPay ^[2]. In this role, she will oversee global legal and administrative matters and lead the company's regulatory and policy strategy in Washington ^[2].

The move comes as her designated successor Mike Selig awaits confirmation by the U.S. Senate ^[2]. Pham served as a CFTC member for nearly four years and acted as interim chair over the past year, at times as the agency's sole commissioner ^[2]. Pham was unanimously elected acting CFTC chair at the beginning of this year, after being sworn in as a commissioner at the regulatory agency in 2022 ^[3].

Reform Initiatives in Digital Assets

During her tenure, Pham advanced several reform initiatives in the digital asset space, including pilot programs for using Bitcoin, Ether, and the stablecoin USDC as collateral in derivatives trading, as well as efforts to integrate crypto spot products into regulated markets ^[2]. In her first 100 days as acting chair, she introduced a modernization agenda that included perpetual-style futures and 24/7 trading, as well as the CFTC's twelve-month Crypto Sprint initiative ^[3].

Earlier this month, Pham announced that crypto spot products would be available for trading for the first time on U.S. federally regulated markets through CFTC-registered futures exchanges ^[3].

Questions About Conflicts of Interest

MoonPay CEO Ivan Soto-Wright called Pham "one of the most influential figures in U.S. financial regulation" ^[2]. However, the immediate transition from a senior regulatory position to a company in the crypto industry raises questions about potential conflicts of interest, particularly regarding regulatory initiatives that Pham advanced during her tenure and from which market participants like MoonPay could benefit ^[2]. Such "revolving door" transitions are legally permissible in the United States, but regularly become the focus of political and ethical debates ^[2].