Crypto.com OKX and Bitpanda have just obtained the MICA approval.
Compliance with the new MICA European legislation has launched a race between different cryptocurrency exchange platforms. OKX was the first to receive its compliance approval, very quickly joined by Crypto.com and Bitpanda.
Indeed, positioning itself as compliant with the new European legislation as soon as possible allows exchanges to attract new private investors looking for security but also to attack the market of institutional investors. This standardization of exchanges will, however, be a little restrictive for users. Indeed, the USDT, Wrapped Bitcoin (WBTC), Dai (DAI), Pax Dollar (PAX), Pax Gold (PAXG) and PayPal USD (PYUSD) will normally disappear from these exchanges. At least, they will no longer be accessible to European customers.
Coinbase could soon get its MICA license. The company has already announced the withdrawal of the USDT. No further measures have yet been announced. Although the objective of this law is to increase transparency and avoid collateral problems. These new rules could in the long run hinder the development of the challenge. The recent example of THORchain problems reminds us of the need for higher transparency and consumer protection guarantees. Success in not undermining innovation is key to this challenge.
