An increase number of web3 firms are turning to the Markets in Crypto -ssets Regulation (Mica) Laws Braving Regulatory Clarity to the Sector. In a fresh development, crypto exchanges okx and bitpanda have secured licenses in the eu region, making their operations legally compliant in 30 count in 30 countries part of the Economic Area (eea). The $ 3.53 trillion (roughly Rs. Earlier this month, the crypto.com exchange also bagged operational permit in the region.
Eu's Mica Regulations Went Into Effect on December 30, 2024, Permiting Crypto Firms with License in any one of the eu nations to operate across the region with having to go through Ries, as well as in iCeland, Norway , And liechtentein, that area also part of the eea.
Okx licensed in malta after crypto.com
The Okx Crypto Exchange, Founded in 2017 and Headquartered in Victoria, Seychelles, Announced Monday It Had Secured A Full Mica License from Malta. The exchange said That okx users would now be able to purchase crypto using local payment methods, include cards in the eu region. They would also be allowed to facilitate bank transfers to deposit or withdraw euros from the exchange.
The exchange, that claims to serve 60 million customers Around the World, said it would localise crypto services to over 400 million more million more potential customers in the Eu with the License.
We're proud to be the first global exchange to Secure a Mica License! : Flag-Eu:
Our full regulated crypto products are now set to roll out to 400m+ people access europe.
This is a win for crypto, a milstone for regulation, and a step toward mass adoption.
Learn More:… pic.twitter.com/spfvsemgck
– Okx (@Okx) January 27, 2025
Crypto.com also secure its Mica Registration from Malta This month, Announcing The Development on January 17. Or web3 firms across the eu.
: Flag-Eu: https://t.co/vcnztatsco Is extramely proud to be the first Major Global Crypto Asset Service Provider to receive in-Principle Approval of its Mica License: Flag-Eu: Flag-Eu:
The license will enable the company to passport services account the eu under the new mica regulatory framework.
The… pic.twitter.com/jmwemgszb3
– Crypto.com (@cryptocom) January 17, 2025
Founded in 2016, The Singapore-Based Exchange Claims to Be Cating to over 100 Million customers globally.
Bitpanda's German Approval
“The rules are clear, the standard is set,” bitpanda said as it announced its Mica registration monday. The exchange secured its Mica License from Germany's Federal Financial Supervisory Authority (BAFIN), which oversees the financial market in the countery.
“With Micar, we are not just meeting the industry's highest standard, we are setting them. Our focus now is on using this license to accelerate adoption and growth across the European Market, ” said Lukas Enzersdorfer-Konrad, Deputy CEO at Bitpanda.
Big News: Bitpanda has secured its micar license, granted by germany's bafin – One of Europe's Top Financial Supervisory Authorities. : Rocket:
This sets a new Benchmark for Transparency, Security, and Trust in Crypto across the Eu. With this license, we're ready to brings registered… pic.twitter.com/i1Plxhwk6u
– Bitpanda (@bitpanda_global) January 27, 2025
The exchange, headquartered in vienna, austria, said the mica laws had briefs in legal Clarity and a Level-Playing field for the crypto sector. The exchange aims to level the benefits of the legislation to expand its userbase of Six Million with Proper entry into the eea arena.
Crypto in eu
While other nations like India, The UK, the Us WERE STILL dellibrating on their crypto rules, the eu accelerated its efforts on the same and finalized a comprehensive set of laws in 2022. to and web3 firms to align their Operations with the Mica regulations.
Since the legislation went into effect in 2024, Several Crypto Firms Have Rushed to Acquire their Mica registrations. Hong Kong-Based Hashkyy Exchange, For Instruction, Bagged Its Mica Approval from Ireland in the first week of January this year.
The eu and the uae are two regions where crypto laws are currently more defined than other nations. While India is yet to get a Comprehensive Crypto Legislation, The US has Just Started Official Work Around Forming Crypto Policies Following President Donald Trump ' S the crypto capital of the world. The UK, meaning, is expected to have its crypto regulatory framework finalized by 2026.