KEY TAKEAWAYS
- OKX becomes the first VFA exchange to secure a MiCA pre-authorization, positioning itself to offer localized services to over 400 million Europeans.
- Upon full MiCA licensing, OKX will provide regulated crypto exchange products, including OTC and spot trading, across 260 trading pairs.
- The MiCA license allows OKX to passport its services across all 30 EEA member states, simplifying digital asset trading in Europe.
- OKX’s strategic choice of Malta as its MiCA hub is due to the country’s robust regulatory framework and technology infrastructure.
OKX has announced that it is the first Virtual Financial Assets (VFA) exchange to secure a Markets in Crypto-Assets Regulation (MiCA) pre-authorization. This development positions OKX to offer localized cryptocurrency services to over 400 million Europeans through its European Economic Area (EEA) hub based in Malta.
Upon receiving a full MiCA license, OKX plans to provide customers in the region with access to its regulated crypto exchange products. These include over-the-counter (OTC) trading, spot trading, and bot trading for more than 240 cryptocurrency tokens across 260 trading pairs, including 60 Euro-based trading pairs. The platform will also feature local language customization, currency displays, and customer support tailored to the region.
MiCA License and Passporting
The MiCA license will allow OKX to passport its services from Malta to all 30 EEA member states. Passporting is a feature of the MiCA law that enables businesses registered and licensed in one EU country to offer their services in another EU country under a unified regulatory framework. This expansion aims to simplify trading and investing in digital assets for Europeans across the EEA region.
OKX’s suite of products includes a user-friendly Simple Exchange, an Advanced Exchange for traders, and a comprehensive Wallet for crypto enthusiasts. As the second-largest exchange globally by trading volume, OKX offers reliability with industry-leading technology, boasting 99.99% uptime and Proof of Reserves for transparency.
Strategic Choice of Malta
OKX chose Malta as its MiCA hub due to 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 Malta Financial Services Authority (MFSA).
With over 60 million customers worldwide, OKX stands as a leader in advanced and reliable cryptocurrency services. The MiCA pre-authorization marks a significant milestone in OKX’s mission to expand its footprint across Europe while ensuring secure access to top-tier crypto services and innovations.
For more information, visit the official announcement here.
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