The London-based cryptocurrency exchange and custodian Archax, registered in the UK, has agreed to acquire the Spanish broker King & Shaxson Capital Markets (KSCM) to expand its operations within the European Union under the new EU regulation on the Market in Crypto-Assets (MiCA).
Upon completion of the transaction, which requires approval from Spanish regulators, KSCM will become a wholly-owned subsidiary of Archax. This acquisition will allow Archax, registered with the UK’s Financial Conduct Authority (FCA), to expand its brokerage, trading, and custodial services in Europe and to add permission for crypto-derivatives operations.
MiCA is set to come into force on December 30, although certain provisions for stablecoins took effect in June.