Crypto exchanges OKX and Crypto.com have secured full licenses under the European Union’s Markets in Crypto-Assets Regulation (MiCA), enabling them to provide regulated crypto services across the region.
On January 27, OKX announced that it had been granted a full MiCA license via its crypto hub in Malta. Crypto.com also received its full MiCA license on the same day.
Issued by the Malta Financial Services Authority (MFSA), these licenses empower the exchanges to offer regulated services to customers in Europe.
Passporting Services Across the EU
A significant feature of the MiCA regulations is “passporting,” which allows licensed businesses to offer services in other EU countries within a unified regulatory framework. This simplifies crypto access for residents of the European Economic Area (EEA).
Both OKX and Crypto.com plan to leverage the passporting feature to expand their services across the EEA. OKX intends to offer over-the-counter (OTC), spot, and bot trading for crypto tokens to EEA users. Additionally, its website and mobile app will include region-specific language options and displays. Crypto.com, on the other hand, will offer a variety of crypto services throughout the region.
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CEOs Highlight the Importance of MiCA Regulation
OKX Europe CEO Erald Ghoos emphasized that the license lays a “strong foundation” for industry growth in Europe, a region he sees as having “immense potential” for digital assets and blockchain.
Crypto.com’s president and COO, Eric Anziani, commended the EU for its “foresight” in developing and implementing the regulatory framework. Anziani highlighted that the license streamlines operations, ensuring compliance and facilitating seamless cross-border services.
Bitpanda Receives MiCA License in Germany
Austrian fintech company Bitpanda also received its MiCA license approval on January 27. CEO Eric Demuth stressed the importance of effective enforcement for the success of the regulation.
Demuth told Crypto Business Hub reporter that the real challenge lies in whether EU regulators will have the necessary resources and determination to enforce the regulation. He warned that without consistent enforcement, the regulation could become ineffective, potentially putting licensed businesses at a disadvantage.
