OKX, Crypto.com, and Bitpanda now hold complete licenses under the European Union’s Markets in Crypto-Assets Regulation (MiCA), marking a key milestone. These licenses, given by authorities in Malta and Germany, allow the exchanges to expand their offerings to all 30 European Economic Area (EEA) member states.
MiCA establishes a unified regulatory framework for the cryptocurrency industry that prioritizes openness, consumer protection, and market integrity. The licenses enable the exchanges to take advantage of MiCA’s key feature, “passporting,” which allows licensed businesses to operate seamlessly across the region.
OKX and Crypto.com Lead the Way.
OKX, which operates from its Malta headquarters, has announced plans to offer a variety of services, including over-the-counter (OTC) trading, spot trading, and automated bot trading. The platform will also offer free euro deposits and withdrawals via bank transfers, as well as localized features such as regional languages and currency displays to improve the user experience.
With a license from Malta, Crypto.com aims to offer a diverse range of crypto services across the European Economic Area. Using the passporting mechanism, the platform will streamline processes while assuring compliance across the area.
Erald Ghoos, CEO of OKX Europe, lauded MiCA for its forward-thinking approach, describing it as the “gold standard” for cryptocurrency regulation. He demonstrated how the architecture enables OKX to service over 400 million prospective consumers in an efficient and safe manner. Crypto.com’s president and COO, Eric Anziani, shared these thoughts, emphasizing MiCA’s role in instilling trust in the cryptocurrency business through clarity and openness.
Bitpanda joins the MiCA Framework.
Bitpanda, an Austrian fintech business, also received its MiCA license from Germany’s Federal Financial Supervisory Authority (BaFin). CEO Eric Demuth stressed the need for persistent enforcement of the regulatory framework to ensure its effectiveness.
Demuth stated that the MiCA framework has the potential to alter the sector but cautioned that poor enforcement may undermine its effectiveness, putting licensed businesses at a disadvantage.
Shaping the Future of Cryptocurrencies in Europe
The MiCA rule is an important step for the EU in establishing itself as a leader in digital banking. The framework improves consumer safety and supports innovation in the cryptocurrency industry by defining clear criteria for transactions.
OKX, Crypto.com, and Bitpanda, with their new licenses, are positioned to shape the future of cryptocurrencies in Europe by providing millions of consumers with secure and regulated services.
