Trade Republic, despite holding a full MiCA license, relies on external trading platforms and market makers to execute client crypto trades

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The license allows Trade Republic to offer all these crypto services throughout the 30 European Economic Area (EEA) countries. However, it would still rely on trading platforms and market makers to execute trades.

Circle executive Patrick Hansen noted that the license enables Trade Republic to internalize most of its crypto operations. The only exceptions are trade execution, which still requires partnerships with external market makers like Bankhaus Scheich and B2C2.