- OKX secures MiCA pre-authorization, targeting over 400M Europeans with regulated crypto services.
- OKX plans to offer 240+ cryptocurrencies and 260+ trading pairs from its Malta hub under MiCA.
- MiCA compliance positions OKX to expand crypto services across 30 EEA member states seamlessly.
OKX has become one of the first companies to gain pre-approval for operating under the new Markets in Crypto-Assets (MiCA) framework. OKX is set to provide its Europeans, over 400 million in number, with regulated crypto products from its Malta-based base. When the full license is obtained, OKX will expand its offerings to include OTC trading, spot trading, and bot trading, with access to over 240 cryptocurrencies and 260 trading pairs.
Erald Ghoos, CEO of OKX Europe, emphasized the strategic importance of Malta’s rigorous regulatory environment. He stated, “The Malta Financial Services Authority (MFSA) is renowned for its thorough regulatory framework and is at the forefront of global regulatory standards. Through our Malta hub, OKX customers will be offered the best, most secure, and fully compliant digital asset platform.”
Enhancing User Experience and Security
OKX is committed to redefining the crypto experience for both retail and institutional customers through innovative and secure service offerings. The exchange plans to integrate regional languages and currencies, offering euro-based trading pairs and local-language customer support. This initiative aims to enhance accessibility and convenience for users throughout the EEA.
Furthermore, the platform intends to facilitate free euro deposits and withdrawals via bank transfers and support purchases using local payment methods. The MiCA framework’s unified regulatory approach across the EEA ensures that OKX can extend these services without needing separate approvals for each EU country, leveraging the cross-state provisions to expand its footprint across the region.
Setting a Global Regulatory Standard
The pre-authorization by MiCA not only positions OKX for a broader market presence but also aligns with Europe’s goal of leading in digital asset regulation. MiCA focuses on protecting users, ensuring everything is clear, and keeping the marketplace honest – all essential in making crypto spaces safe for everyone. The regulation sets complete anti-money laundering rules to cut risks and block bad actors from touching the financial system.
Hong Fang, President of OKX, praised Europe’s innovative regulatory approach, stating, “Europe’s approach sets a global standard, reflecting the region’s leadership in shaping the future of digital assets.” This endorsement underscores the strategic significance of OKX’s compliance with MiCA regulations as the exchange sets its sights on becoming a leader in the safe and transparent provision of cryptocurrency services.
This move by OKX follows in the footsteps of other major exchanges like Crypto.com, which also secured in-principle approval for a MiCA license. This signaled a growing trend towards compliance with rigorous regulatory standards in the cryptocurrency sector.
