European Crypto Market Heats Up as Leading Exchanges Secure MiCA Licenses

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European Crypto Market Heats Up as Leading Exchanges Secure MiCA Licenses

Several cryptocurrency exchanges have received licenses under the new Markets in Crypto-Assets (MiCA) regulation.

Crypto Finance, the subsidiary of the German stock exchange Deutsche Boerse, and Bitpanda, an Austrian-based exchange, were among the first to receive licenses from the German Federal Financial Supervisory Authority (BaFin). Both companies announced on Jan. 27 that they had been granted approval.

Global exchanges OKX and Crypto.com also secured MiCA licenses from the Malta Financial Services Authority (MFSA) on the same day.

These licenses allow Bitpanda, Crypto Finance, OKX, and Crypto.com to operate across the 30 countries within the European Economic Area (EEA) – 27 EU nations with Iceland, Liechtenstein and Norway.

Single License, Pan-European Reach

MiCA, which came into effect at the end of 2024, aims to create a unified regulatory framework for cryptocurrencies within the European Union.

A key advantage of MiCA lies in its “passporting” mechanism. With a single license from a competent EU authority, these exchanges can now operate across all 30 EEA member states. The new law eliminates the need for individual national approvals, a process that was previously cumbersome and time-consuming. This streamlining of regulations is expected to foster a more integrated and efficient European crypto market.

Bitpanda had 6 million users in December and will use the new license to accelerate its growth, the company said in its press release.

“This milestone enables us to bring easy and safe investing to over 450 million people, unlocking unparalleled growth potential in a market we’re ready to fully conquer,” said Eric Demuth, CEO and co-founder of Bitpanda, adding:

“This license is immediately valid – unlike the in-principle approvals announced by other crypto platforms, which are neither valid nor actually exist.”

Similar to Bitpanda, both OKX and Crypto.com also plan to use MiCA’s passporting feature and offer services across the entire European Economic Area (EEA). This expansion will allow them to serve a wider customer base and leverage the benefits 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 improve the user experience within the region, their website and mobile app will be customized to accommodate local languages and display preferences.

While Crypto.com hasn’t yet specified the exact services they’ll offer, they also confirmed plans to bring their suite of crypto-related offerings to the EEA.

First MiCA Licenses Granted

The German regulator faced delays in issuing MiCA licenses due to the collapse of the German coalition government in December 2024, which delayed the necessary parliamentary approval until just before Christmas.

On Jan. 17, Boerse Stuttgart Digital Custody, a subsidiary of Boerse Stuttgart Group, became the first to receive the MiCA license from BaFin.

On Dec. 30, crypto platform MoonPay, digital asset management company BitStaete, Bitcoin lightning FinTech ZBD and prime brokerage and clearing company Hidden Road also secured MiCA licenses from the Dutch Authority for the Financial Markets (AFM).

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