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A variety of cryptocurrency exchanges have received licenses under the new Markets in Crypto-Assets (MiCA) regulation.
Crypto Finance, a subsidiary of the German stock exchange Deutsche Boerse, and Bitpanda, an exchange based in Austria, were among the first to be granted licenses by the German Federal Financial Supervisory Authority (BaFin). Both companies announced on January 27 that they had received approval.
Exciting news: Bitpanda has obtained its MiCAR license from Germany’s BaFin – one of Europe’s leading financial supervisory authorities.
This establishes a new standard for transparency, security, and trust in crypto throughout the EU. With this license, we’re prepared to deliver regulated… pic.twitter.com/i1PlxhwK6U
— Bitpanda (@Bitpanda_global) January 27, 2025
Global exchanges OKX and Crypto.com also obtained MiCA licenses from the Malta Financial Services Authority (MFSA) on the same date.
We are honored to be the first global exchange to secure a MiCA license!
Our fully regulated crypto products are now ready to launch to over 400 million individuals across Europe.
This is a victory for crypto, a landmark for regulation, and a step towards widespread adoption.
Learn more:… pic.twitter.com/SpFVSeMGCK
— OKX (@okx) January 27, 2025
These licenses permit Bitpanda, Crypto Finance, OKX, and Crypto.com to operate across the 30 countries within the European Economic Area (EEA) – 27 EU nations along with Iceland, Liechtenstein, and Norway.
Single License, Pan-European Reach
MiCA, which took effect at the end of 2024, seeks to establish a cohesive regulatory framework for cryptocurrencies within the European Union.
A significant advantage of MiCA is its “passporting” mechanism. With a single license from a recognized EU authority, these exchanges can now function across all 30 EEA member states. The new legislation removes the requirement for individual national approvals, a process that was previously laborious and time-intensive. This simplification of regulations is anticipated to promote a more integrated and efficient European crypto market.
MiCA is officially live!
After years of discussions, intense debates, proposed bitcoin bans, last-minute changes, and numerous votes, MiCA now (truly since Dec 30, 2024) officially applies to crypto-asset issuers and service providers in the EU – even when the latter… pic.twitter.com/3ZTH0KjkIC
— Patrick Hansen (@paddi_hansen) January 2, 2025
Bitpanda had 6 million users in December and will utilize the new license to accelerate its growth, the company stated in its press release.
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“This achievement enables us to provide easy and safe investing to over 450 million individuals, unlocking unmatched growth potential in a market we are ready to fully dominate,” said Eric Demuth, CEO and co-founder of Bitpanda, adding:
“This license is immediately effective – unlike the in-principle approvals announced by other crypto platforms, which are neither valid nor truly exist.”
OKX and Crypto.com Leverage MiCA for EEA Expansion
Similar to Bitpanda, both OKX and Crypto.com also intend to leverage MiCA’s passporting feature to offer services throughout the entire European Economic Area (EEA). This expansion will allow them to cater to a broader customer base and take advantage of a unified regulatory framework.
OKX plans to provide EEA users with a comprehensive suite of crypto trading options, including over-the-counter (OTC), spot, and bot trading services for crypto tokens. To enhance the user experience in the region, their website and mobile app will be tailored to accommodate local languages and display preferences.
While Crypto.com has not yet detailed the specific services they will offer, they too confirmed plans to bring their range of crypto-related options to the EEA.
First MiCA Licenses Granted
The German regulator experienced delays in issuing MiCA licenses due to the collapse of the German coalition government in December 2024, which postponed the necessary parliamentary approval until just before Christmas.
On January 17, Boerse Stuttgart Digital Custody, a subsidiary of Boerse Stuttgart Group, became the first to receive the MiCA license from BaFin.
On December 30, the crypto platform MoonPay, digital asset management firm BitStaete, Bitcoin lightning FinTech ZBD, and prime brokerage and clearing firm Hidden Street also secured MiCA licenses from the Dutch Authority for the Financial Markets (AFM).
The post European Crypto Market Heats Up as Major Exchanges Secure MiCA Licenses appeared first on Cryptonews.
