MiCA rules are aimed at protecting the crypto community across the EU
The laws clearly list the dos and don’ts for Web3 firms
Crypto firms are flocking to the EU for their MiCA registrations
The EU had finalised the MiCA regulations back in 2022
Photo Credit: Pixabay/ Sergei Tokmakov
An increasing number of Web3 firms are turning to the EU with the Markets in Crypto-Assets Regulation (MiCA) laws bringing regulatory clarity to the sector. In a fresh development, crypto exchanges OKX and BitPanda have secured licences in the EU region, making their operations legally compliant in 30 countries part of the European Economic Area (EEA). The $3.53 trillion (roughly Rs. 3,05,41,510 crore) crypto sector is favouring regions with clear rules and regulations. 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, permitting crypto firms with licence in any one of the EU nations to operate across the region without having to go through the licencing process in other 26 EU countries, as well as in Iceland, Norway, and Liechtenstein, that are also part of the EEA.
OKX Licenced 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 licence from Malta. The exchange said that OKX users would now be able to purchase crypto using local payment methods, including 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 potential customers in the EU with the licence.
We're proud to be the first global exchange to secure a MiCA license! :flag-eu:
Our fully regulated crypto products are now set to roll out to 400M+ people across Europe.
This is a win for crypto, a milestone for regulation, and a step toward mass adoption.
Crypto.com also secured its MiCA registration from Malta this month, announcing the development on January 17. The exchange said it strongly believed the MiCA laws would establish a transparent work environment for Web3 firms across the EU.
:flag-eu: https://t.co/vCNztATSCO is extremely proud to be the first major global crypto asset service provider to receive in-principle approval of its MiCA Licence :flag-eu:
The licence will enable the company to passport services across the EU under the new MiCA regulatory framework.
Founded in 2016, the Singapore-based exchange claims to be catering 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 licence from Germany's Federal Financial Supervisory Authority (BaFin), which oversees the financial market in the country.
“With MiCAR, we are not just meeting the industry's highest standards, we are setting them. Our focus now is on using this licence to accelerate adoption and growth across the European market,” said Lukas Enzersdorfer-Konrad, Deputy CEO at Bitpanda.
Big news: Bitpanda has secured its MiCAR licence, 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 licence, we're ready to bring regulated… pic.twitter.com/i1PlxhwK6U
The exchange, headquartered in Vienna, Austria, said the MiCA laws had brought in legal clarity and a level-playing field for the crypto sector. The exchange aims to leverage 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, and the US were still deliberating on their crypto rules, the EU accelerated its efforts on the same and finalised a comprehensive set of laws in 2022. It allotted two years for crypto 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 HashKey exchange, for instance, 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 return to the White House, with promises of making the US the crypto capital of the world. The UK, meanwhile, is expecting to have its crypto regulatory framework finalised by 2026.
Top Officials from the US and UAE Initiate Talks on Crypto and AI Exploration: Key Details21 March 2025
Search
![Gadgets 360 With Technical Guruji: Ask TG [ March 22, 2025]](https://c.ndtvimg.com/2024-12/5s52e4k_-ask-tg_640x480_14_December_24.jpg?downsize=180:*)
