Crypto exchanges Bybit and OKX have kicked off a fresh wave of expansion into the European Economic Area, capitalizing on the region’s new regulatory clarity under the Markets in Crypto-Assets Regulation (MiCA).
Bybit announced on Wednesday the launch of Bybit.eu, a platform fully licensed to serve customers across 29 EEA countries. Operating from Austria, the exchange has secured a Crypto-Asset Service Provider (CASP) license, marking a significant step in its European strategy.
OKX also unveiled its regulated exchange this week, rolling out operations in France through MiCA’s passporting provisions. Erald Ghoos, CEO of OKX Europe, described France as a cornerstone market, calling the launch “a major milestone in our European expansion.”
Bybit’s platform will cater to both retail and institutional traders, offering multilingual support in English, Spanish, Polish, and Portuguese, with plans to add German, Italian, French, and Romanian. The exchange has promised advanced trading tools and liquidity aggregation tailored to the region’s diverse user base.
Meanwhile, OKX’s French exchange will feature euro-denominated trading pairs, staking services, trading bots, and localized customer assistance.
MiCA Ushers in a New Era for Crypto
The push by Bybit and OKX follows the full implementation of MiCA on December 30, 2024. The sweeping framework harmonizes digital asset regulations across all EU member states, providing clear standards and a passporting regime that simplifies cross-border operations.
MiCA’s regulatory consistency is seen as a decisive advantage over other jurisdictions—particularly the United Kingdom, where the regulatory landscape remains fragmented.
For crypto businesses long plagued by uncertainty in Europe, MiCA has removed many of the barriers to offering fully compliant services.
Competition Heats Up Across the Continent
The European Economic Area is quickly becoming one of the most competitive arenas for digital asset companies.
On Tuesday, Paxos launched the Global Dollar (USDG) stablecoin in the EU, promoting it as a MiCA-compliant dollar-pegged asset for institutional and retail users alike.
Over the weekend, Dutch exchange Bitvavo secured its own MiCA license from the Netherlands’ financial regulator, granting it passporting rights across the bloc.
Earlier in June, Kraken also announced the expansion of its European footprint after receiving a MiCA license, reinforcing the view that Europe’s harmonized rules are drawing in both established players and up-and-coming challengers.
With regulators finally setting the stage, Europe is rapidly transforming into a proving ground for the next generation of global crypto services.
Quick Facts
- Bybit and OKX launched fully regulated exchanges under MiCA this week.
- MiCA enables passporting across 29 European Economic Area countries.
- Paxos, Bitvavo, and Kraken have also expanded in Europe following MiCA implementation.
- Europe is now one of the most competitive crypto markets globally.
