Several cryptocurrency exchange companies have obtained new licenses under the recently implemented Crypto Assets (MICA) regulations. The companies have made official announcements on X, announcing compliance with the new laws and assuring users their commitment to transparency and security as they continue to operate.
The mica license enables these crypto companies to serve hundreds of millions of users in the European Economic Area (EEA). These include Norway, Lichtenstein, Iceland and 27 EU member states.
The introduction of laws such as MICA will generate more trust in the industry, and new launches can take advantage of this to attract new investors. The company passed Upcoming pre-sales Providing users with profitable points, low transaction fees and high scalability activities can also leverage regulatory clarity to acquire new holders and expand their investor community.
While mica does not explicitly cover non-killable tokens (NFTs), the law may be applied based on the details of NFTs, such as they operate like investment products. On the other hand, there are laws that apply directly to the UK. For example, the UK Legal Commission recently The cryptocurrency and NFT defined as personal propertywhich makes people affected by the scam seek legal remedies.
Seychelles-based cryptocurrency exchange OKX announced it was “the first global exchange to obtain a mica license”, noting that it is ready to serve more than 400 million people in Europe. As part of the official press release, OKX explained that the license indicates secure banking connections for withdrawals and deposits, local currency displays, and product products and customer support.
On the same day, Bitpanda announced that it had obtained a license from Germany’s Bafin. Crypto Finance, a member of Deutsche Borse Group, issued a similar announcement after Bafin also issued a license.
Bitpanda explained that operations under MICA meant legal clarity because there are now clear rules guiding authorizations, asset classifications and prohibition of reverse bidding. Furthermore, harmonizing regulations and practices reduce decentralization and do not allow any exploitation that may stem from differences in regulatory requirements among EU countries.
Prior to the above exchange, some crypto services had obtained mica licenses. For example, Bafin BitStaete.
Crypto.com also announced a mica license. exist Press releaseEric Anziani, the company’s president and chief operating officer, said Crypto.com always believes that Mica will simplify EU digital asset regulation and is confident in the industry. Anziani also noted that Crypto.com is willing to work with the EU to ensure compliance operations and growth.
Last November, a blockchain company in the Netherlands emission Before the law, the new mica-compliant stable protein had fully taken effect. Quantoz Payments has launched USDQ and EURQ Stablecoins with the support of Tether, the world’s largest Stablecoin issuer. Both stabilizers are launched on the Ethereum blockchain. Interestingly, Tether has not obtained a mica license to obtain the world’s largest Stablecoin by market capitalization.
