EY Law Austria has successfully advised Cryptonow GmbH, an Austrian subsidiary of the leading Swiss Cryptonow Group, in the licensing process as a Crypto-Asset Service Provider in Austria. Since 2017, the Swiss company Cryptonow Group has been offering voucher cards for crypto assets, providing a simple and secure entry into the world of digital currencies. The company’s goal is to make access to crypto assets easy, safe, and legally compliant for all users.
The granting of the MiCAR license marks a milestone for Cryptonow in its legally compliant entry into the regulated EEA market. After completing the passporting procedure, Cryptonow will offer its services throughout the EEA. Austria was a natural choice for the Swiss subsidiary due to its geographical and linguistic proximity. Ultimately, however, the decisive factor was Vienna’s emergence as a European crypto hub, where Cryptonow aims to actively contribute.
“With the MiCAR license, we meet the highest regulatory standards of the EU, laying the foundation to offer our products and services across Europe. This milestone is a significant step in our mission to provide as many people as possible with simple and secure access to the world of cryptocurrencies,” says Marius Urban, founder and Managing Director of Cryptonow.
Martin Hanzl, EY Law Partner and Head of the FinTech team, adds: “Achieving the successful MiCAR licensing for Cryptonow together demonstrates how close collaboration, trust, and clear regulation enable innovation. Vienna is increasingly becoming Europe’s crypto hub.”
Elisabeth Reiner, Lead Attorney and Compliance/AML Lead at EY Law, emphasizes: “The successful MiCAR licensing for Cryptonow highlights the professionalism and long-standing crypto expertise of the company. I’m especially pleased that we were able to fully support the market entry of a specialized crypto business model together with the team around Marius Urban.”
The EY Law FinTech team, led by Dr. Martin Hanzl, supported this licensing process, including Dr. Elisabeth Reiner (project lead), Paul Neubauer, Clemens Burian-Kerbl, Titus Kahr, Alexander Glaser, Julia Pötzlberger, Eva Arene, and Anja Moser. EY Austria’s network also provided comprehensive support to Cryptonow in the area of tax consulting, with Christian Massoner and Christoph Finsterer.
Cryptonow and EY Law are already working intensively on preparations for the go-live and the expansion of the product offering.
The EY Law FinTech Team
The award-winning EY Law FinTech team supports a wide range of innovation-driven companies, particularly in highly regulated sectors such as crypto. Innovation is the foundation of a thriving financial market, the discovery of new market opportunities, and creates real value for consumers. However, this requires sophisticated legal advice to operate within applicable laws and regulations. EY Law’s attorneys advise both newly planned projects and established international companies on implementing their individual business models, keeping in mind the legal framework of new EU regulations for crypto-asset services and AI technology, while ensuring full compliance with existing laws and consumer protection.
The FinTech team is one of the fastest-growing areas of the firm and advises many renowned FinTechs and top 10 global crypto exchanges on their innovation and licensing projects. Through collaboration with EY’s tax, IT, and tech experts and extensive practical experience, EY Law offers comprehensive support for companies in the digital space. The teams have received repeated recognition, including rankings in Chambers FinTech Band 1, Legal500, WTR1000, and the JUVE Awards.
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