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"OKX, Crypto.com Secure Full MiCA Licenses, Expanding EU Crypto Access"

Coin WorldMonday, Jan 27, 2025 10:21 am ET

1min read

Crypto exchanges OKX and Crypto.com have secured full licenses under the European Union’s Markets in Crypto-Assets Regulation (MiCA). On January 27, OKX announced 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. Granted by the Malta Financial Services Authority (MFSA), these licenses enable the exchanges to offer regulated crypto services to Europeans.

One of the key features of MiCA is the "passporting" mechanism, which allows registered and licensed businesses to offer services to other EU countries under a unified regulatory framework. This simplifies crypto access for those living in the European Economic Area (EEA). OKX and Crypto.com have both expressed their intention to offer services throughout the EEA, taking advantage of the passport feature.

OKX plans to provide EEA users with access to its over-the-counter (OTC), spot, and bot trading services for crypto tokens. The exchange will also offer local language customizations and displays to support users within the region. Meanwhile, Crypto.com has stated that it will offer a range of crypto services to the region.

OKX Europe CEO Erald Ghoos commented that the license establishes a strong foundation for the industry to grow in the region. He noted that Europe holds immense potential as a digital asset and blockchain cornerstone. Crypto.com president and chief operating officer Eric Anziani praised the European Union for its foresight in designing and implementing the regulatory system, stating that the license allows them to streamline operations to ensure compliance and seamless cross-border activity.

Austrian fintech platform Bitpanda also announced its MiCA license approval on January 27. The firm’s CEO, Eric Demuth, highlighted the importance of enforcement for the regulation’s success. Demuth told Cointelegraph that the regulatory framework’s effectiveness will depend on enforcement by EU regulators. He believes that without consistent enforcement, the legislative milestone risks being ineffective and will put licensed entities in a worse position.

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