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Bitpanda, OKX, Crypto.com Secure MiCA Licenses as Exchanges Eye 450M-Strong Market
The crypto exchanges join Boerse Stuttgart Digital and other as the legislation opens the doors to markets across the European Union.
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What to know:
- Crypto exchange Bitpanda has secured a MiCA license from German regulator BaFin.
- Rivals OKX and Crypto.com secured MiCA licenses from Malta.
- The crypto asset service provider license will enable the exchanges to operate across the 30 members of the European Economic Area.
Crypto exchange Bitpanda said it secured a Markets in Crypto Assets (MiCA) license from the German Federal Financial Supervisory Authority (BaFin) and rivals OKX and Crypto.com said they received accreditation from Malta as the European Union's licensing regime opens the doors to the 30 nations that compose the European Economic Area (EEA).
The MiCA regulations kicked in at the end of last year and allow license holders to operate across the EEA without needing to secure approval from every country. The area includes the 27 EU nations with Iceland, Liechtenstein and Norway.
Austria-based Bitpanda had 6 million users in December and will use the license to accelerate its growth, it said.
"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," Eric Demuth, CEO and co-founder of Bitpanda, said in a statement.
The companies join Boerse Stuttgart Digital, which was awarded the first license by the German regulator. MoonPay, BitStaete, ZBD and prime brokerage and clearing company Hidden Road, have also received MiCA licenses.
The approval means "we can streamline operations to ensure both compliance and seamless cross- border activity," Crypto.com COO Eric Anziani said in an emailed statement.
UPDATE (Jan. 27, 10:33 UTC): Adds description below headline.
UPDATE (Jan. 27, 12:53 UTC): Rewrites headline, second bullet and first paragraph to add OKX.
UPDATE (Jan. 27, 13:19 UTC): Adds Crypto.com, European Economic Area.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
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