Swiss fintech start-up Relai, focused exclusively on Bitcoin, has gained approval from France’s financial regulator (AMF) under the European Union’s Markets in Crypto-Assets Regulation (MiCA). The licence grants Relai status as a regulated crypto-asset service provider (CASP) and clears the path for broader European operations.
Founded in Zurich in 2020, Relai enables users to buy, sell and save Bitcoin via a self-custody mobile wallet model. The certification represents one of the first MiCA licences granted to a Bitcoin-only company and underlines growing regulatory clarity in the European crypto ecosystem.
What the Licence Enables & Why It’s Meaningful
The MiCA authorisation allows Relai to process SEPA transfers, raise trading limits for Euro-based users and offer regulated crypto investment services throughout EU member states once passporting rules are finalised. Relai co-founder and CEO Julian Liniger called the development a “huge milestone” for Bitcoin adoption in Europe.
The licence is particularly significant because France, through its AMF, played a foundational role in drafting the MiCA framework. Obtaining French certification therefore gives Relai a strong regulatory foothold across the EU and positions it favourably among competitors.
Implications, Risks & Outlook
Relai’s new regulatory status marks a turning point for firms offering crypto access in Europe: operating under clear rules may attract more risk-averse retail users and institutional clients. The move may also challenge crypto platforms without full compliance credentials, pushing consolidation.
However, being first also brings responsibility. Relai must demonstrate robust compliance, custody practices and consumer protection – any misstep could undermine its lead. Furthermore, obtaining the licence is just one step – scaling in multiple jurisdictions will require localisation, infrastructure investment and ongoing regulatory engagement.
For market watchers, the licensing of a Bitcoin-only app under MiCA signals the crypto industry moving from informal innovation toward regulated service provision. Whether Relai can convert its regulatory milestone into market share and volume will be a key test for the sector.
