Kaiko’s acquisition of Cometh, completed on 11 June 2026, is the kind of deal that shows where European crypto is heading — away from fragmented infrastructure and toward a more regulated, institutional model. In the Kaiko acquisition Cometh MiCA regulation deal, the Paris-based crypto market data firm picked up a European DeFi infrastructure provider with a PSCA license issued by the Autorité des marchés financiers, or AMF.
De Gaulle Fleurance advised Kaiko on the transaction. The full-service law firm, which has around 200 professionals and offices in Paris, Brussels, Geneva, Abu Dhabi, Abidjan, and Dakar, handled both the corporate deal and the regulatory issues tied to crypto-asset services under the EU’s MiCA framework.
This was not just another acquisition. As the companies framed it, the deal gives Kaiko a position that no other independent provider currently matches.
Kaiko acquisition Cometh MiCA regulation reshapes European crypto data infrastructure
What Cometh brings to the deal
Cometh’s value in this transaction rests on its regulatory standing. As a European DeFi infrastructure provider licensed under the PSCA framework by the AMF, Cometh holds authorizations that are difficult to secure and increasingly important as MiCA regulation reshapes crypto-asset services across the EU.
For Kaiko, already recognized as a leading independent global provider of crypto-asset market data, the addition of that licensed DeFi infrastructure fills a major gap. The combined business now spans market data, analytics, BMR-regulated indices, and on-chain execution capabilities, all under MiCA authorization.
According to the parties involved, that makes Kaiko the only independent provider offering end-to-end crypto-asset data infrastructure that meets European regulatory standards.
De Gaulle Fleurance AMF advisory on the transaction
The De Gaulle Fleurance team included Partner Anne Maréchal, along with Julie Bader, Clara Zerbib, and Irène L’Homme. Beyond the corporate structuring, the firm handled Kaiko’s regulatory matters and managed dealings with the AMF linked to MiCA regulation and crypto-asset services.
Anne Maréchal described the deal as a sign of broader market change: “This operation illustrates the rapid structuring of the crypto-asset world and the rising power of institutional players in these markets. We are proud to have advised Kaiko on the key regulatory issues of this strategic acquisition.”
Why MiCA and the PSCA license matter
Regulatory compliance under MiCA
MiCA, the EU’s Markets in Crypto-Assets regulation, has changed the compliance picture for firms offering crypto-asset services in Europe. In practice, licenses are no longer a side issue for serious market participants. Instead, they are becoming the price of access to institutional clients and regulated counterparties.
That is why the PSCA license Cometh holds from the AMF matters so much. It gives direct regulatory recognition from France’s financial markets authority and provides Kaiko with a compliant foundation for on-chain execution capabilities that would otherwise require a longer and less certain authorization process.
The advisory work De Gaulle Fleurance carried out around the AMF and MiCA requirements also shows how technical this regulatory terrain has become. Even sophisticated crypto firms now need specialized legal guidance to navigate the overlap between DeFi infrastructure and EU financial regulation.
Kaiko’s new position in the market
After the acquisition, Kaiko’s market position is notably stronger. The firm now controls a vertically integrated infrastructure stack, from raw market data and analytics, through BMR-regulated benchmark indices, to AMF-licensed on-chain execution.
No other independent provider currently holds that combination under MiCA authorization. That exclusivity carries clear commercial weight, especially as institutional clients under strict compliance frameworks increasingly want data and infrastructure providers that can show full regulatory alignment rather than just market depth.
What the acquisition signals for European crypto
The broader meaning of the deal is hard to miss. European crypto infrastructure is consolidating around firms that have done the regulatory work — those that have engaged with authorities, secured the right licenses, and built compliance into their architecture instead of adding it later.
By acquiring a licensed DeFi infrastructure provider rather than building from scratch, Kaiko has shortened that path significantly. The acquisition reflects what Anne Maréchal described as the institutionalization of crypto-asset markets, and that process is accelerating as MiCA implementation deepens across EU member states.
For the wider market, the signal is clear: regulatory infrastructure is becoming just as valuable as technical infrastructure in European crypto. Firms that secure both are likely to shape the institutional layer of digital asset markets on the continent.
FAQ
What is the significance of Cometh’s PSCA license from the AMF?
The PSCA license issued by the AMF gives Cometh, and now Kaiko after the acquisition, regulatory authorization to provide crypto-asset services under French and European law. That matters because it is increasingly essential for institutional market participation under MiCA regulation.
How does the acquisition enhance Kaiko’s regulatory compliance under MiCA?
By acquiring Cometh and its AMF-issued PSCA license, Kaiko gains on-chain execution capabilities that meet European regulatory standards. Combined with its existing market data, analytics, and BMR-regulated indices, Kaiko becomes the only independent provider offering end-to-end crypto-asset data infrastructure fully compliant under MiCA authorization.
Who provided legal advisory during the Kaiko-Cometh transaction?
De Gaulle Fleurance served as legal advisor to Kaiko. The team included Partner Anne Maréchal, Julie Bader, Clara Zerbib, and Irène L’Homme, and it covered both corporate and regulatory matters, including AMF dealings and MiCA compliance.
What new market position does Kaiko achieve post-acquisition?
Following the acquisition, Kaiko becomes the only independent provider combining market data, analytics, BMR-regulated indices, and on-chain execution capabilities under MiCA authorization. That positions it as a leading end-to-end crypto-asset data infrastructure provider aligned with European regulatory standards.
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Author: NixCoin