More and more Web3 companies are turning to the EU, in connection with Crypto Asset Management Regulation (MICA) laws, making regulatory clear in the industry. In the new development, cryptocurrency exchanges OKX and Bitpanda have been licensed in the EU region to legally comply with their operations in 30 countries (EEAs) of the European Economic Area (EEAs). The crypto sector prefers regions with clear regulations and regulations. Earlier this month, the Crypto.com exchange also equipped operating licenses in the area.
The EU’s mica regulations came into effect on December 30, 2024, allowing cryptocurrency companies licensed in any EU country to conduct business throughout the region without having to perform licensing in 26 other EU countries as well as in Iceland, Norway, Norway. . , and Liechtenstein, are also part of the EEA.
okx obtains license after crypto.com in malta
The OKX cryptocurrency exchange was founded in 2017 and is headquartered in Victoria, Sehechelles announced on Monday that it has obtained a full mica license from Malta. The exchange said OKX users can now purchase cryptocurrencies using local payment methods, including cards in the EU region. They will also be allowed to facilitate bank transfers to deposit or withdraw the euro from the exchange.
The exchange claims to provide services to 60 million customers worldwide, and said it will target cryptocurrency services to more than 400 million potential customers in the EU through licenses.
We are honored to be the first global exchange to obtain a mica license! : flag-eu:
Now our fully regulated crypto products will be launched to 400m+ people throughout Europe.
This is a victory for cryptocurrency, a regulatory milestone, and a step towards large-scale adoption.
learn more:… pic.twitter.com/spfvsemgck
-OKX (@OKX) January 27, 2025
Crypto.com also received mica registration from Malta this month, and the development was announced on January 17. The exchange said it firmly believes that Mica law will create a transparent working environment for Web3 companies across the EU.
: flag-eu: https://t.co/vcnztatsco became the first major global crypto asset service provider to obtain the main approval of the world’s major crypto asset asset service provider: Flag-eu: Flag-eu:
The license will enable companies to carry out nursing services in the EU under the new MICA regulatory framework.
this… pic.twitter.com/jmwemgszb3
– crypto.com (@cryptocom) January 17, 2025
Founded in 2016, the 2016 Exchange claims to meet the needs of more than 100 million customers worldwide.
Bitpanda’s German Recognition
“The rules are clear and the standards are set,” Bitpanda said on Monday when announcing his mica registration. The exchange received a mica license from the German Federal Financial Supervisory Authority (Bafin), which oversees the country’s finances market.
“With Micar, we are not only meeting the highest standards in the industry, but setting them up. Our focus now is on using this license to accelerate adoption and growth in the European market,” said Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda. .
Bitpanda received a MICAR license granted by Germany’s Bafin, one of Europe’s top financial supervisory authorities. :Rocket:
This sets new benchmarks for cryptocurrencies across the EU to achieve transparency, security and trust. With this license, we are ready to bring regulated… pic.twitter.com/i1plxhwk6u
– bitpanda (@bitpanda_global) January 27, 2025
The exchange based in Vienna, Austria, said the Mica law proposes areas of legal clarity and level competition in the cryptocurrency sector. The exchange aims to use the benefits of legislation to expand its 6 million user base and properly access the EEA arena.
EU Crypto
While other countries such as India, the UK and the US are still considering their cryptocurrency rules, the EU has accelerated its efforts on the same crypto rules and completed a comprehensive set of laws in 2022. It allocates two years of operation of mica regulations to cryptocurrency and Web3 companies.
Since the legislation came into effect in 2024, several cryptocurrency companies are eager to obtain their mica registration. For example, the Hong Kong-based Hashkey Exchange received mica approval from Ireland in the first week of January.
The EU and the UAE are two regions, and currently, encryption is more defined than other countries. Although India has not yet obtained a comprehensive crypto legislation, the United States has just begun formal work on shaping crypto policies after President Donald Trump returns to the White House and has promised to make the United States the world’s cryptocurrency capital. Meanwhile, the UK is expected to complete the crypto regulatory framework by 2026.
