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Crypto exchanges OKX, Crypto.com, and Bitpanda have received full Markets in Crypto Assets (MiCA) licenses.
Bitpanda received its license from the German Federal Financial Supervisory Authority (BaFin) while OKX and Crypto.com received theirs in Malta.
Entities operating within the EU’s crypto market must comply with MiCA's rules governing transparency, disclosure, and governance. This includes stricter anti-money laundering protocols and requirements for stablecoin issuers to hold sufficient reserves to safeguard consumers.
The MiCA framework, introduced by the European Union, aims to establish a comprehensive regulatory framework for digital assets, ensuring consumer protection, transparency, and market integrity.
Just last week, OKX announced that it received MiCA pre-authorization, marking a pivotal step in its expansion across the European Economic Area (EEA).
With the license, the crypto exchange plans to provide customers with access to a variety of trading services, including OTC trading, spot trading, and bot trading, featuring over 240 cryptocurrency tokens and 260 trading pairs, including more than 60 Euro-based pairs. To enhance user experience, OKX will introduce localized platforms with regional languages, currency options, and customer support.
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“The MiCA regulation in the EU is particularly forward thinking as it's harmonized across the region," OKX Europe CEO Erald Ghoos said. "Through passporting, MiCA allows us to reach more than 400 million potential customers in 30 EEA markets.”
Crypto.com also received an in-principle MiCA license earlier this month, becoming the first major global crypto exchange to do so.
“We have always been fully supportive of MiCA and strongly believe it will bring clarity, transparency, and establish a more streamlined sentiment towards the regulation of our industry across the EU, all of which adds to the building confidence in the crypto sector,” said Eric Anziani, president and COO, Crypto.com at the time.
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“Securing a MiCA licence has been a major priority for us in recent years, and receiving this approval further cements our continued commitment to being the most compliant and regulated crypto platform globally,” Anziani said in an updated statement.
Crypto.com is now able to offer its extensive range of crypto services across the EEA under a streamlined and strengthened framework, enhancing transparency within the sector.
“The European Union has shown incredible foresight in designing and implementing a regulatory system which means we can streamline operations to ensure both compliance and seamless cross- border activity. We look forward to offering more European users our industry-leading products and services in a regulated environment,” Anziani added.
Meanwhile, Austrian platform Bitpanda also announced its MiCA approval, which it will use to grow its 6 million users.
"This milestone enables us to bring easy and safe investing to over 450 million people, unlocking unparalleled growth potential in a market we're ready to fully conquer," Eric Demuth, CEO and co-founder of Bitpanda, said in a statement.
“The real question is whether the EU will have both the resources and the determination to take action against those who disregard the regulation. Without consistent and robust enforcement, this legislative milestone risks being ineffective and puts those who actually try hard to comply with European regulation in a significantly worse competitive position.”
In October, Bitpanda announced it was considering going public in Frankfurt. Financial giants Citigroup and JPMorgan Chase are leading the move, providing guidance to Bitpanda on possible options, including a sale.
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Bitpanda's potential IPO listing is expected to draw in a valuation of over $4 billion. It was last valued at $4.1 billion in August 2021 following a significant investment round led by billionaire Peter Thiel’s Valar Ventures and supported by Alan Howard and REDO Ventures
