Ah, the sweet scent of regulation in the air! Crypto exchanges OKX and Crypto.com have secured full licenses under the European Union’s Markets in Crypto-Assets Regulation (MiCA).
On the 27th of January, OKX announced that it had received its full MiCA license through its dedicated crypto hub in Malta, while Crypto.com also received its full MiCA license on the same day. How delightful!
Granted by the Malta Financial Services Authority (MFSA), the licenses allow the exchanges to offer regulated crypto services to Europeans. How thoughtful!
Passporting Services Across the European Union
One of the key features under the MiCA regulations is called “passporting.” This allows registered and licensed businesses to offer services to other EU countries under a unified regulatory framework. This simplifies crypto access for those who live in the European Economic Area (EEA). How convenient!
OKX and Crypto.com said they will offer services throughout the EEA, taking advantage of the passport feature. How enterprising!
OKX plans to give EEA users access to its over-the-counter (OTC), spot and bot trading services for crypto tokens. Its website and mobile application will also provide local language customizations and displays to support users within the region. Meanwhile, Crypto.com said it would offer a “range of crypto services” to the region. How generous!
OKX Europe CEO Erald Ghoos said the license establishes a “strong foundation” for the industry to grow in the region. The executive said Europe holds “immense potential” as a digital asset and blockchain cornerstone. How optimistic!
Crypto.com president and chief operating officer Eric Anziani praised the European Union for its “foresight” in designing and implementing the regulatory system. Anziani said the license allows them to streamline operations to ensure compliance and seamless cross-border activity. How efficient!
Bitpanda Receives MiCA License in Germany
Austrian fintech platform Bitpanda also announced its MiCA license approval on Jan. 27. The firm’s CEO, Eric Demuth, highlighted the importance of enforcement for the regulation’s success.
Demuth told CryptoMoon that the regulatory framework’s effectiveness will depend on enforcement by EU regulators:
“The real question is whether the EU will have both the resources and the determination to take action against those who disregard the regulation.”
The executive believes that without consistent enforcement, the legislative milestone “risks being ineffective” and will put licensed entities in a worse position. How dramatic!
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2025-01-27 15:50