OKX and Crypto.com Secure Full MiCA Licenses, Expanding Crypto Services Across Europe

OKX and Crypto.com Secure Full MiCA Licenses, Expanding Crypto Services Across Europe

On January 27, crypto exchanges OKX and Crypto.com announced that they had obtained full licenses under the European Union’s Markets in Crypto-Assets Regulation (MiCA). OKX gained its license via its dedicated crypto hub in Malta, while Crypto.com achieved the same milestone on the same day.

These licenses, granted by the Malta Financial Services Authority (MFSA), enable both platforms to offer regulated crypto services to users throughout Europe.

Leveraging MiCA’s Passporting Advantage

A standout feature of MiCA is the “passporting” mechanism, which allows licensed entities to operate seamlessly across all EU member states under a unified regulatory framework. This simplifies access to crypto services for residents of the European Economic Area (EEA).

OKX and Crypto.com have confirmed plans to capitalize on this feature. OKX intends to provide EEA users with a range of offerings, including over-the-counter (OTC), spot, and bot trading services for cryptocurrencies. Additionally, OKX will localize its website and mobile app, tailoring language and displays to better serve regional users.

Similarly, Crypto.com plans to roll out an array of crypto services for the EEA, utilizing the regulatory framework to expand its operations across the region.

Industry Leaders Emphasize Europe’s Potential

Erald Ghoos, CEO of OKX Europe, hailed the license as a “strong foundation” for the industry’s growth in the region. Ghoos highlighted the immense potential of Europe as a hub for digital assets and blockchain innovation.

“The MiCA regulation in the EU is particularly forward-thinking as it is harmonized across the region. Through passporting, MiCA allows us to reach more than 400 million potential customers in 30 EEA markets,” Ghoos stated.

Eric Anziani, president and COO of Crypto.com, commended the European Union for its proactive approach to establishing a streamlined regulatory framework. He noted that the license will allow the exchange to enhance compliance efforts while ensuring smooth cross-border operations.

Bitpanda Joins the MiCA Club

Austrian fintech platform Bitpanda also announced on January 27 that it had secured a MiCA license in Germany. CEO Eric Demuth underscored the importance of regulatory enforcement for the framework’s success.

“The real question is whether the EU will have both the resources and the determination to take action against those who disregard the regulation,” Demuth said. He warned that inconsistent enforcement could undermine the regulatory milestone and disadvantage compliant entities.

As Europe solidifies its regulatory approach through MiCA, licensed firms like OKX, Crypto.com, and Bitpanda are positioned to lead the charge in delivering secure and accessible crypto services across the continent.