Black Manta Capital Partners (BMCP) a financial services company registered in Luxembourg revealed in a Monday press release that its German subsidiary had received a regulatory license to operate its security token platform.
BMCP’s subsidiary reportedly received the MiFID II license from the German Federal Financial Supervisory Authority (BaFin) earlier this month, a feat that entitles the firm to offer its security token platform to investors in Germany and the rest of the European Union.
The new status also means that BaFin will now regulate BMCP’s STO platform in the same manner as other financial services companies in Germany, making the startup one of the first in the country to fall into that bracket.
Notably, though, the approval does not look at easy as it appears on the surface with the press release asserting that the application process lasting for nine months.
The firm’s CEO Christian Platzer while commenting on the development preferred to focus on the general effect the security token industry will have on the capital markets in the not so distant future.
“Tokenization in the core financial field of securities will – for sure – bring paradigmatic change to the global financial markets.”
Platzer also revealed his firm’s plan to seek expansion into Asia in the coming months by acquiring a license to operate its platform in crypto-friendly Singapore.
“Our strategy is global from day one: the first step is to link Europe and Asia on one blockchain-based investment platform. Therefore we look already today into Singapore,” the CEO noted in the release.
Interestingly, BMCP's recent approval from BaFin marks the latest in a round of STO related projects targeting the European nation.
Last month, Stmarket.co reported that BaFin authorized blockchain startup, Fundament Group, to issue a tokenized real-estate backed bond worth 250 million euros ($280 million). The regulator will also from 2020 mandate crypto firms to hold an operating license.