OKX has obtained a Markets in Crypto-Assets Regulation (MiCA) pre-authorization license, according to a Jan. 23 statement shared with CryptoSlate.
The exchange plans to operate in the European Economic Area (EEA) through its Malta-based hub, offering services to over 400 million users.
MiCA provides a unified regulatory framework for the EU crypto market with the goal of prioritizing consumer protection, transparency, and market integrity. The regulation includes robust anti-money laundering requirements to keep malicious actors outside the financial system.
The MiCA framework simplifies market access for crypto businesses in the EEA through cross-state provisions. This feature allows licensed entities to operate in multiple European Union (EU) countries without requiring separate regulatory approvals.
OKX intends to leverage this advantage to expand across the region.
Planned services
Once granted a full MiCA license, OKX will provide a range of offerings, including spot trading, over-the-counter (OTC) transactions, and bot trading. The company also aims to localize its platform by integrating regional languages, currencies, and customer support to enhance accessibility.
Erald Ghoos, CEO of OKX Europe, highlighted the importance of pre-authorization in advancing the company’s vision. He emphasized that obtaining a license in Malta, known for its stringent regulatory standards, ensures a secure and trustworthy platform for users.
Ghoos said:
“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.”
Hong Fang, President of OKX, praised MiCA for its innovative regulatory framework, which balances growth and consumer protection. She noted that Europe’s approach sets a global standard, reflecting the region’s leadership in shaping the future of digital assets.
This announcement highlights a growing trend of exchanges moving to comply with MiCA regulations. Crypto.com recently secured in-principle approval for a MiCA license, following similar developments from companies like MoonPay.
Mentioned in this article
Credit: Source link