Liquidity provider B2C2 secured regulatory approval in Luxembourg as a virtual asset service provider (VASP) as the London-based firm looks to expand its presence in the European Union.

Approval allows B2C2 to offer over-the-counter (OTC) spot crypto services to institutional clients. It becomes the the 12th VASP to be registered Luxembourg’s Commission de Surveillance du Secteur Financer’s (CSSF) public register. The company already has a license from France’s Autorité des Marchés Financiers (AMF), acquired when it bought Paris-based Woorton in August last year.

The moves come as the EU prepares to implement its Markets in Crypto Assets (MiCA) regulation this year. Once it kicks in, the 27-nation trading bloc will be the first major jurisdiction worldwide to introduce comprehensive, tailored rules for the sector.

“As B2C2 prepares for MiCA regulation to come to force, obtaining VASP registration in Luxembourg is a further milestone for B2C2, as Luxembourg is home to a rapidly expanding virtual asset community,” Restout said in a press release.