Crypto exchanges Bybit and OKX both launched fully regulated platforms in Europe this week as regulatory clarity continues to attract major exchanges to the bloc.

According to a Wednesday announcement, crypto exchange Bybit.eu launched to serve European Economic Area (EEA) users with a Crypto-Asset Service Provider (CASP) license under the Markets in Crypto-Assets Regulation (MiCA) framework. Under the rules, Bybit’s Austria-based operations, established in late May, are licensed in 29 EEA countries.

Competing crypto exchange OKX also announced on Wednesday that it has launched its fully regulated centralized crypto exchange in France via MiCA passporting. OKX Europe CEO Erald Ghoos said France is a key market for the company and its presence there is “a major milestone in our European expansion.”

Bybit.eu offers a multi-lingual platform with support for English, Polish, Portuguese and Spanish, with plans to add German, French, Italian and Romanian. The exchange said it will aggregate liquidity from multiple providers and offer advanced trading tools tailored for European retail and institutional users.

OKX’s platform includes euro trading pairs, staking products and trading bots, along with localized customer support.

Europe, European Union, Eea, MiCA, OKX, Bybit
Source: OKX

Related: Coinbase secures MiCA license, names Luxembourg as EU headquarters

MiCA changes crypto in Europe

The two launches come just months after MiCA came fully into effect on Dec. 30, 2024. The new rules standardize crypto regulation across the EU and introduce a passporting mechanism, enabling licensed firms to operate in any EEA country without needing additional approvals.

Europe, European Union, Eea, MiCA, OKX, Bybit
MiCA implementation timeline. Source: Cointelegraph

This is also a primary reason cited in favor of establishing crypto service provider operations in the EEA rather than in competing jurisdictions such as the United Kingdom.

Related: ‘Policy procrastination’ leaves UK trailing EU, US in crypto regulation: Experts

Europe is a crypto battlefield

The European Economic Area is seeing increased activity following the unification of its regulatory environment. On Tuesday, the Global Dollar (USDG) stablecoin launched in the EU, with issuer Paxos claiming compliance with MiCA.

On Saturday, crypto exchange Bitvavo was granted a MiCA license by the Dutch Authority for Financial Markets, allowing it to passport across the EEA. Kraken, one of the world’s oldest crypto exchanges, also announced on June 25 that it is expanding its EEA operations after securing a MiCA license.

Konstantins Vasilenko, co-founder and executive of Paybis, Europe, recently said that Europe is pulling ahead in the global crypto race under its MiCA framework. He said that the EU is outpacing even US President Donald Trump’s crypto-friendly America.

“MiCA’s licensing window opened on Jan. 1, 2025; in that very quarter, our EU volumes jumped 70% while the number of trades hardly moved, which tells me the new money was larger and more deliberate,” Vasilenko said.

Magazine: How crypto laws are changing across the world in 2025