OKX Secures MiCA Pre-Authorization License

OKX has become the first global exchange to secure pre-authorization under the European Union’s Markets in Crypto-Assets Regulation (MiCA).

This milestone positions OKX to provide localized and regulated crypto services to over 400 million Europeans through its European Economic Area (EEA) hub in Malta.

OKX Exchange Gains MiCA Pre-Authorization

Based on the announcement, Malta’s strong regulatory environment and advanced technological infrastructure played a crucial role in OKX’s decision to establish its MiCA hub there. The exchange already holds a Class 4 VASP (Virtual Asset Service Provider) license from the Malta Financial Services Authority (MFSA), known for its stringent compliance standards.

“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,” said Erald Ghoos, OKX Europe CEO, in a statement shared with BeInCrypto.

Notably, MiCA represents the EU’s effort to establish a unified regulatory framework for digital assets. Once OKX obtains a full MiCA license, it will be able to passport its services across all 30 EEA member states. This would simplify access to regulated crypto services for retail and institutional customers across the region.

 “MiCA’s progressive approach to digital finance regulation in Europe and its strong focus on customer safety and security establishes a global benchmark…Europe’s stance on embracing transparent and unified regulation is a key driver for building the future of the global digital economy, ” the statement said, citing OKX President Hong Fang.

For now, it marks a step in the right direction, positioning them closer to full licensing. It paves the way for the exchange to offer a comprehensive suite of offerings. The services range from over-the-counter (OTC) trading to spot and bot trading, giving access to over 240 cryptocurrencies across 260 token pairs.

Users will also have access to over 60 Euro-based trading pairs, localized language support, and currency displays, which will enhance the platform’s accessibility while improving the overall user experience.

MiCA Enables Crypto Firms’ Expansion Plans

This announcement follows closely on the heels of OKX’s growing global footprint. The exchange’s MiCA pre-authorization builds on its recent partnership with Standard Chartered, which focuses on institutional custody solutions. This collaboration highlights OKX’s ambition to serve a diverse customer base, from retail traders to large-scale institutions.

“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,” Ghoos added.   

OKX’s expansion into Europe under MiCA reflects a commitment to becoming the most licensed and regulated platform globally. This pre-authorization reportedly marks the company’s eighth regulatory milestone, further solidifying its position as a leader in the cryptocurrency industry.

Moreover, OKX’s pre-authorization coincides with recent hints from its founder about a secret business line. As BeInCrypto reported, the venture aims to complement its core crypto offerings and drive innovation in the digital asset space.

OKX’s achievement comes amidst a wave of MiCA-related activity in the crypto industry. Less than a week ago, Crypto.com secured its MiCA license, expanding its operations within the EU. Similarly, four other companies, including MoonPay, have recently obtained MiCA licenses in the Netherlands and Malta.

However, MiCA’s implementation has not been without challenges. In preparation for the new regulations, several EU-based exchanges have delisted Tether’s USDT, creating uncertainty among users.