OKX has secured pre-authorization from the Malta Financial Services Authority (MFSA) under the European Union’s Markets in Crypto-Assets (MiCA) regulation.
Pre-Authorization of MiCA
The pre-approval indicates that OKX has successfully completed the regulatory review process and is qualified for a full MiCA license. The company plans to obtain this license in Malta, which will enable it to provide localized crypto services to over 400 million Europeans through its European Economic Area (EEA) hub.
OKX's Expansion Plans
Upon receiving a full MiCA license, OKX's platforms will offer clients access to regulated crypto exchange products such as OTC trading, spot trading, and bot trading, covering 240+ cryptocurrency tokens and 260+ trading pairs, including 60+ Euro-based trading pairs. Furthermore, their website and mobile platform will be customized with regional language options, a local currency layout, and local-language customer support.
Other Platforms and MiCA
Malta is attracting more exchanges, with Gemini being the latest to announce its intention to acquire a MiCA license there. Another popular global crypto exchange, Crypto.com, has also announced its plans to obtain a MiCA license. Since the European Union fully enacted MiCA, only a handful of crypto asset service providers, such as MoonPay, have received such licenses from regulatory bodies like the Dutch Authority for the Financial Markets (AFM).
OKX's securing of MiCA pre-authorization strengthens its position in Europe's rapidly evolving crypto landscape, opening new doors for providing regulated and innovative solutions.
