Two Malta-based crypto companies receive licences to operate across EU

Two Malta-based cryptocurrency companies have been granted full licences under the EU’s crypto legal framework, allowing them to offer products and services across the union.

Cryptocurrency exchange OKX and trading platform crypto.com were issued full Markets in Crypto-Assets regulation (MiCA) licences on Monday, following pre-authorisation from the Malta Financial Services Authority (MFSA).

The approval grants the companies passporting rights, allowing them to operate across the EU from any member state.

In a statement, OKX said it was the “first global exchange” to receive a full MiCA licence, calling the move a major milestone for the company.

It said it would begin offering its services to all states in the European Economic Area (EEA) – comprising all EU countries, Iceland, Liechtenstein and Norway – in the coming days.

Crypto.com said securing a MiCA licence had been a “major priority” for the company.

The MiCA framework was introduced in 2023 and entered into force in December with the aim of unifying regulations governing crypto services and products across the bloc.

In comments to Times of Malta last week, Economy Minister Silvio Schembri said MiCA largely mirrored Malta’s 2018 Virtual Financial Assets Act.

“The initial boom and bust of the crypto sector flushed out many operators, and now the industry is maturing. Just as the gaming sector took a decade to really get off the ground, the same is now happening in crypto,” he argued.

This week’s approvals come amid a flurry of cryptocurrency developments both at home and abroad.

The initial boom and bust of the crypto sector flushed out many operators, and now the industry is maturing- Economy Minister Silvio Schembri

Last week, leading cryptocurrency exchange Gemini – founded by the Harvard-educated Winklevoss twins, who gained international fame when they sued Mark Zuckerberg over the origins of Facebook – announced it was relocating from Ireland to Malta.

And earlier this month, sports blockchain wallet company Socios.com received MiCA pre-authorisation from the MFSA, paving the way for the firm to receive a full licence.

On Tuesday, the company’s founder made headlines after it was announced his Qamar Ventures had acquired a majority stake in media outlet Lovin Malta. 

Cryptocurrencies are a form of digital money based on blockchain technology – a decentralised sequential list of encrypted records called ‘blocks’ that can be used to store information such as financial transactions.

While Bitcoin, Ethereum and Tether are some of the most well-known cryptocurrencies, there are many.

Crypto exchanges are online marketplaces where users can buy, sell and trade cryptocurrencies, while wallets are digital accounts used for storing cryptocurrency.

With the return of Donald Trump – who launched his own crypto project one day before his presidential inauguration and who has pledged to lead a crypto-friendly administration – some analysts have predicted an upswing in cryptocurrency fortunes this year.