Renowned cryptocurrency exchange, OKX has secured a Markets in Crypto-Assets Regulation (MiCA) pre-authorization. The exchange confirmed the development in a blog post released on Thursday.
With this, OKX becomes the first Virtual Financial Assets (VFA) exchange in the European Union to secure MiCA license. It is worth noting that upon full receipt of this license, the exchange will be able to offer its crypto services to more than 400 million Europeans across the European Economic Area (EEA) hub based in Malta.
The license will also avail customers in the region with OKX-regulated products, OTC trading, spot trading, and bot trading for over 240+ cryptocurrency tokens across 260+ trading pairs and 60+ Euro-based trading pairs. Also, the exchange website would be tailored to include some user-friendly features. Some of the features to be included are the local languages section, local currency displays section, and a local language customer support center.
According to the post, OKX intends to secure and passport the MiCA license from its Malta hub to all the 30 EEA member states. Passporting is one of the features of MiCA law that allows licensed businesses in one European Union country to offer services in another EU country under a unified regulatory framework. Meanwhile, The exchange also described the pre-authorization as a landmark achievement which solidifies its commitment to offering safe, secure, and innovative solutions to European users.
It is worth noting that OKX chose Malta as its MiCA hub due to its outstanding regulatory approach and high standards for blockchain and cryptocurrency. The exchange also boasts of the country’s strong infrastructural technology and development.
Recall that OKX first penetrated into Malta market in 2021 when it secured regulatory license from Malta Financial Services Authority. As revealed, OKX got the license through its local entity, Okcoin Europe.
OKX launched Web3 wallet services in Netherlands
Also in June 2024, the exchange launched its Web3 wallet and virtual assets service in the Netherlands. As revealed, the launch availed users in the country with over 150 cryptocurrencies, spot trading, and convert services.
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