Blockchain technology company OKX has become the first virtual financial assets (VFA) exchange to secure a Markets in Crypto-Assets Regulation (MiCA) pre-authorisation.
OKX ultimately plans to offer localised crypto services to over 400 million people across Europe through its European Economic Area (EEA) hub based in Malta, after securing the full MiCA licence.
Under the licence, customers across Europe will be able to access OKX’s regulated crypto exchange products, including OTC trading, spot trading, and bot trading, for over 240 cryptocurrency tokens. The OKX website and mobile app will feature customisation in local languages, local currency displays, and local-language customer support across the region.
Erald Ghoos, CEO of OKX Europe
“Securing pre-authorisation for the MiCA licence is a major milestone that further validates OKX’s mission to lead and build responsibly in the global crypto space,” said Erald Ghoos, CEO of OKX Europe. “OKX will be the go-to digital asset platform for both retail and institutional customers in Europe for any digital asset offering under a fully regulated framework.
“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.”
OKX intends to obtain the full MiCA license and passport it from its Malta hub to all 30 EEA member states. Passporting is a feature of the MiCA law that enables a business, registered and licensed in one EU country, to offer its services in another EU country under a unified regulatory framework. This expansion simplifies trading and investing in digital assets for Europeans across the EEA region.
Expanding footprint across Europe
Hong Fang, president at OKX, also commented: “Europe has always been at the heart of the global crypto revolution, and MiCA sets a powerful example for the rest of the world. MiCA’s progressive approach to digital finance regulation in Europe and its strong focus on customer safety and security establishes a global benchmark. The pre-authorisation is a testament to our long-term commitment to this critical market. Europe’s stance on embracing transparent and unified regulation is a key driver for building the future of the global digital economy, and we’re excited to be part of this transformative journey.”
With its product suite, OKX hopes to redefine the crypto experience for all levels of customers across the EEA. OKX customers in the region can deposit and withdraw euros for free through bank transfers, and easily buy crypto using cards and other trusted local payment methods.
The blockchain technology company made Malta its MiCA hub because of the country’s comprehensive regulatory approach and high standards for blockchain and cryptocurrency, as well as its strong technology infrastructure. OKX currently holds a Class 4 VASP license from the MFSA.
OKX, serving over 60 million customers worldwide, stands as a leader in advanced and reliable cryptocurrency services, offering both centralised (CEX) and decentralised (DEX) exchange platforms. Obtaining MiCA pre-authorisation marks a significant milestone in OKX’s mission to expand its footprint across Europe while ensuring secure access to crypto services and innovations.
The post OKX Secures MiCA Pre-Authorisation as it Eyes Crypto Exchange Expansion Across Europe appeared first on The Fintech Times.
