The European subsidiary of cryptocurrency exchange Bullish (BLSH) has won a license under the Markets in Crypto-Assets (MiCA) regulation in Germany.

Bullish Europe secured the license from the Federal Financial Supervisory Authority (BaFin), having previously gained crypto brokerage and custody licenses from the regulator, the company announced via email on Friday.

Ascending to MiCA licensing now allows Bullish Europe to passport its services to any of the other countries in the European Union (EU).

Crypto firms remain under the supervision of their home country regulator, so Frankfurt, Germany-headquartered Bullish Europe will still be overseen by BaFin.

Bullish, whose parent company Bullish Group is also the owner of CoinDesk, began trading on the New York Stock Exchange (NYSE) last month, with shares soaring as high as $102 on its first day compared to an initial public offering (IPO) price of $37.

BLSH now trades at $49.01 as of the close of business on Thursday.

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