Among the few entities to clear this regulatory hurdle is Damoon Technology (Europe) AG, which operates under the brand Paymonade. Liechtenstein’s Financial Market Authority granted the firm a license that allows it to provide crypto-asset services across all 30 states of the European Economic Area. This achievement places Paymonade in a select group, as even several of the world’s largest crypto exchanges and stablecoin issuers remain absent from the official ESMA register.

Founded by former Singaporean Member of Parliament Calvin Cheng, the company serves as a critical bridge between traditional finance and digital assets. With an annualized transaction volume run-rate of US$1.8 billion as of mid-2026, Paymonade provides fiat-to-crypto settlement rails for banks, fintechs, and exchanges. CEO Milos Winter Bogdanovic noted that institutional clients are increasingly seeking a single, passportable partner to navigate the complex European market rather than managing separate agreements in every jurisdiction. Looking ahead, the firm plans to double its European headcount and target an annual transaction volume of CHF 6 billion by mid-2027.