Crypto exchanges OKX and Crypto.com have received full licenses under the European Union’s Markets in Crypto-Assets Regulation (MiCA).
On Monday, January 27, OKX announced that it has received a full license from the mentioned regulator through its dedicated crypto hub in Malta. Crypto.com also received a similar license on the same day.
Licenses granted by the Malta Financial Services Authority (MFSA) allow exchanges to offer regulated crypto services to European consumers.
One of the main features provided by the MiCA regulations is passporting. In this case, registered and licensed companies have the opportunity to offer services to other European Union countries within a unified regulatory framework. The practical implementation of this solution simplifies access to cryptocurrency for residents of the European Economic Area (EEA).
OKX and Crypto.com have announced their intention to offer services throughout the EEA. In this context, crypto exchanges have separately noted plans for taking advantage of the passport feature.
OKX intends to provide EEA users access to its over-the-counter (OTC), spot, and bot trading services for crypto tokens. The crypto exchange’s website and mobile app will also provide local language customizations and displays to support consumers in the mentioned region.
Crypto.com stated that it will offer the EEA a wide range of services.
OKX Europe chief executive officer Erald Ghoos noted that the license establishes a strong foundation for the growth of industry in the region. Also in this context, it was underlined that Europe holds immense potential as a digital asset and the cornerstone of the blockchain.
Erald Ghoos stated that the MiCA regulation in the European Union is particularly promising because it is harmonized across the region. It was also noted that through passporting, OKX gets the opportunity to reach more than 400 million potential customers in 30 EEA markets.
Crypto.com president and chief operating officer Eric Anziani praised the European Union for its foresight in designing and implementing the regulatory system. In this case, it was also noted that the license allows the mentioned crypto exchange to streamline operations to ensure compliance and seamless cross-border activities.
Also on Monday, the Austrian fintech company Bitpanda announced the approval of the MiCA license. The company’s chief executive officer, Eric Demuth, during a conversation with media representatives, stated the importance of enforcement for the success of regulation. It was also noted that the success of the regulatory framework will depend on enforcement. In the relevant context, Eric Demuth stated that the real question is whether the EU will have both the resources and determination to take action against those who disregard the mentioned regulation.
The executives advocate the view that without consistent enforcement, the legislative milestone faces the risk of becoming ineffective. Also, within the framework of the relevant opinion, it is separately noted that the mentioned unfavorable scenario, in the opinion of executives, will put licensed entities in a worse position.
