Okx and crypto.com receive mica licenses in EU
The crypto carnival OKX and Crypto.com received the complete licenses as part of the EU Ordinance on Markets for Crypto Assets (Mica).
On January 27th gab Okx known that the stock exchange has received a complete mica license over its special crypto center in Malta. Crypto.com also has a complete mica license on the same day receive.
Crypto touring OKX, Mica license. Source: MFSA
The licenses granted by the Maltese Financial Supervisory Authority (MFSA) enable the stock exchanges to offer regulated crypto services for Europeans.
Passporting services throughout the European Union
One of the most important features of the mica regulations is the so-called “passport porting”. There
It enables registered and licensed companies to offer services in other EU countries under a uniform legal framework. This simplifies access to cryptocurrencies for those who live in the European Economic Area (EEA).
Okx and Crypto.com will offer their services throughout the EEA and use the advantages of this function.
Okx plans to give users in EEA access to his out-of-the-counter (OTC), spot and bot trade services for crypto tokens. The website and mobile application will also offer adjustments and advertisements in the respective national language in order to better adapt to the users in the region. Meanwhile, Crypto.com said that the stock exchange would offer a “series of crypto services” for the region.
Erald Ghoos, CEO of OKX Europe, said that the license creates a “strong basis” for the growth of the industry in the region. The managing director said that Europe has an “immense potential” as a cornerstone for digital assets and blockchain. Ghoos told CoinTelegraph:
“The Mica Ordinance in the EU is particularly forward-looking because it harmonizes the entire region. Passporting enables us to achieve more than 400 million potential customers in 30 EEA markets.”
Eric Anziani, President and Chief Operating Officer of Crypto.com, praised the European Union for its “foresight” in the development and implementation of the regulatory system. Anziani said that the license enables them to rationalize the processes to ensure compliance with the regulations and seamless cross -border activities.
Bitpanda receives Mica license in Germany
The Austrian Fintech platform Bitpanda also gave on January 27th knownthat she received a mica license. The Eric Demuth CEO emphasized how important the enforcement is for the success of the regulation.
Demuth told CoinTelegraph that the effectiveness of the regulatory framework would depend on the enforcement of the EU regulatory authorities:
“The actual question is whether the EU will have both the funds and the determination of taking action against those who disregard the regulation.”
The manager believes that the legislative milestone without consistent enforcement “runs the risk of being ineffective” and bringing the licensed companies into a worse competitive position.
