MiCA Framework Brings 4 Leading Crypto Exchanges Under Unified European Union Regulations

The MiCA framework establishes uniform laws for crypto-asset service providers throughout the European Economic Area.

Four major cryptocurrency exchanges have just received full licenses under the European Union’s Markets in Cryptoassets Regulation (MiCA).

MiCA, which takes effect on December 30, 2024, establishes a uniform regulatory framework for crypto-asset service providers (CASPs) operating within the European Economic Area (EEA).

On January 27, Crypto.com stated that its Malta entity had secured a MiCA license from the Malta Financial Services Authority (MFSA). According to a press release shared with CryptoPotato, the license will allow the platform to offer its full variety of crypto services throughout all 30 EEA member states while adhering to a thorough regulatory framework. 

This development followed the company’s in-principle approval earlier this month. The MiCA license adds to Crypto.com’s increasing list of global approvals, which includes major licenses in the UK, Singapore, Dubai, the US, and Australia.

On the same day, OKX stated that it had obtained a MiCA license through its Malta hub. OKX offers OTC trading, spot trading, bots, copy trading, and euro-based trading for more than 240 cryptocurrencies. The exchange promises to facilitate digital asset trading across the EEA by offering features like as free euro deposits and withdrawals via bank transfers, localized language support, and secure payment mechanisms. OKX also intends to extend its license to all EEA countries, thereby expediting its expansion in the European market. 

Bitpanda, an Austrian fintech unicorn, also acquired its MiCA license from Germany’s Federal Financial Supervisory Authority (BaFin) on the same day. BaFin has licensed its second CASP since MiCA’s full implementation on December 30, 2024.

Boerse Stuttgart Digital Custody was the first German CASP to obtain a MiCA licence, which was awarded by BaFin on January 17. The European-wide license helps it achieve its objective of being a regulated infrastructure provider for banks, brokers, and asset managers. 

Buy and sell crypto in minutes with 0.20% trading fees at Bitdenex  Exchange

Leave a Reply

Your email address will not be published. Required fields are marked *