PANews reported on October 23rd that according to CoinDesk, Plasma, a blockchain company specializing in stablecoin networks, announced a significant expansion in Europe to provide regulated payment services. The company said Thursday that it had acquired an entity in Italy with a Virtual Asset Service Provider (VASP) license, enabling it to legally process cryptocurrency transactions and custody assets in the region. As part of its EU expansion plans, the company will open a new office in Amsterdam, the Netherlands, and has appointed a Chief Compliance Officer and an Anti-Money Laundering Reporting Officer. Plasma did not disclose the name of the acquired entity, and its spokesperson did not immediately respond to a request for comment.

The company also plans to apply for Crypto Asset Service Provider (CASP) status under the EU's new Markets in Crypto-Assets (MiCA) regulation, as well as an Electronic Money Institution (EMI) license. These initiatives will allow Plasma to operate an asset exchange, issue cards, and hold customer funds under regulatory safeguards. Plasma stated that its goal is to use these licenses to support its new stablecoin-based bank, Plasma One.