Singaporean Firm Among Few to Clear EU's Tough New Crypto Regulations

The European Union's Markets in Crypto-Assets Regulation (MiCA) has culled Europe's crypto industry, leaving only 280 firms authorized to operate across all 30 states of the European Economic Area.

Among those that have cleared this bar is Paymonade, a Singaporean-founded and led firm that provides regulated fiat-to-crypto and crypto-to-fiat on-ramp and off-ramp infrastructure. Founded by Calvin Cheng, a former Nominated Member of the Singapore Parliament and current Honorary Consul of Serbia to Singapore, Paymonade has an annualized transaction volume run-rate of US$1.8 billion as of the first half of 2026.

The firm's authorization under MiCA is significant because it has proven difficult for even large players in the industry to meet the new regulatory standards. Only a small fraction of the world's 100 largest crypto exchanges by trading volume currently hold MiCA authorisation, and several major global exchanges remain absent from the register.