The Markets in Crypto-Assets Regulation (MiCA) of the European Union has granted full licenses to cryptocurrency exchanges OKX and Crypto.com.
Full MiCA licenses are obtained by OKX and Crypto.com, allowing for regulated crypto services throughout the EU.
Through its dedicated crypto hub in Malta, OKX announced on January 27 that it had obtained its complete MiCA license. Crypto.com also earned its full MiCA license on the same day.
The licenses granted by the Malta Financial Services Authority (MFSA) enable the exchanges to provide Europeans with regulated cryptocurrency services.
Services for passports throughout the European Union
“Passporting” is one of the main components of the MiCA legislation. This enables companies with licenses and registrations to provide services to other EU nations within a single regulatory framework. This makes it easier for European Economic Area (EEA) residents to access cryptocurrency.
According to OKX and Crypto.com, they will use the passport capability to provide services across the EEA.
OKX intends to make its over-the-counter (OTC), spot, and bot trading services for cryptocurrency tokens available to EEA consumers. Its mobile application and website will also offer displays and modifications in local languages to assist customers in the area. In the meantime, Crypto.com announced that it would provide the area with a “range of crypto services.”
According to Erald Ghoos, CEO of OKX Europe, the license creates a “strong foundation” for the industry’s expansion in the area. According to the executive, Europe has “immense potential” as a blockchain foundation and digital asset.
The European Union’s “foresight” in creating and executing the regulatory framework was commended by Eric Anziani, president and chief operating officer of Crypto.com. According to Anziani, the license enables them to simplify procedures to guarantee compliance and smooth cross-border transactions.
Germany grants Bitpanda a MiCA license.
On January 27, Bitpanda, an Austrian fintech platform, also declared that it has been approved for a MiCA license. The company’s CEO, Eric Demuth, emphasized how crucial enforcement is to the regulation’s effectiveness.
Demuth told Cointelegraph that EU regulators’ enforcement will determine how effective the regulatory system is:
“The real question is whether the EU will have both the resources and the determination to take action against those who disregard the regulation.”
According to the CEO, the legislative milestone “risks being ineffective” and will worsen the situation for licensed firms if it is not consistently enforced.