OKX and Crypto.com have both secured full licenses under the European Union’s Markets in Crypto-Assets Regulation, known as MiCA. This means they can now offer regulated crypto services across the EU.
On January 27, OKX announced that it received its full MiCA license through its crypto hub in Malta. Coincidentally, Crypto.com also obtained its full MiCA license on the same day. These licenses, granted by the Malta Financial Services Authority, allow both exchanges to provide regulated services to European users.
One key feature of MiCA is something called “passporting.” This allows licensed businesses to operate in other EU countries under a single regulatory framework. It simplifies access to crypto services for people living in the European Economic Area (EEA). Both OKX and Crypto.com plan to take advantage of this feature and offer services throughout the EEA.
OKX aims to provide EEA users with access to various trading services, including over-the-counter (OTC) trading, spot trading, and bot trading for crypto tokens. Their website and mobile app will also include local language options to better serve users in the region. Meanwhile, Crypto.com has stated it will offer a range of crypto services tailored for the area.
Erald Ghoos, CEO of OKX Europe, highlighted that this license sets a strong foundation for growth in the industry. He believes Europe has immense potential as a hub for digital assets and blockchain technology. Ghoos shared with Cointelegraph, “The MiCA regulation in the EU is particularly forward-thinking as it's harmonized across the region. Through passporting, MiCA allows us to reach more than 400 million potential customers in 30 EEA markets.”
Eric Anziani, president and COO of Crypto.com, praised the EU for its foresight in creating this regulatory framework. He mentioned that the license helps streamline operations to ensure compliance and smooth cross-border activities.
Austrian fintech platform Bitpanda also announced its MiCA license approval on January 27. CEO Eric Demuth stressed the importance of enforcement for the success of this regulation. He told Cointelegraph that the effectiveness of this framework will depend on how well EU regulators enforce it. “The real question is whether the EU will have both the resources and the determination to take action against those who disregard the regulation,” he said.
Demuth believes that without consistent enforcement, this legislative step risks becoming ineffective and could put licensed entities at a disadvantage.