OKX Dominates Crypto Regulation: First to Achieve MiCA Pre-Authorization

7 hours ago 6

You are here: Home / News / OKX Dominates Crypto Regulation: First to Achieve MiCA Pre-Authorization

January 24, 2025 by Mishal Ali

Key Takeaways

OKX secures MiCA pre-authorization, marking a regulatory first in the crypto sector.
Full MiCA license will enable localized services for 400 million Europeans.
Malta chosen as the European hub due to its robust regulatory framework.

OKX, the second-largest offshore cryptocurrency exchange by trading volume, has made history by becoming the first Virtual Financial Assets (VFA) exchange to secure a Markets in Crypto-Assets Regulation (MiCA) pre-authorization.

This landmark achievement positions the platform as a pioneer in regulatory compliance, setting the stage for further expansion across the European Economic Area (EEA).

OKX now plans to extend its services into localized cryptocurrency in over 30 EEA member states, combining over 400 million people once the firm receives the full MiCA license.

The platform shall, therefore, use the MiCA passporting, making cross-border operations easier within the EU since businesses licensed to operate in one country can perform their activities in other EU countries under the same framework.

OKX’s Malta-based hub will be at the center of these efforts, reflecting the country’s reputation for its advanced regulatory approach and blockchain-friendly infrastructure.

OKX Advanced Features for European Users

OKX will now launch an array of services tailored for the European customers due to the pre-authorization given. Amongst the access, customers will get a regulated platform with more than 240 cryptocurrency tokens, 260+ trading pairs, and 60 euro-based pairs.

The exchange also provides spot, over-the-counter, and even bot trading to its swelling user base. Further, OKX will support zero-fee euro deposits and withdrawals via bank transfer and the buying of cryptocurrencies with cards and other locally popular payment methods.

It will provide website and mobile app functionality, including local language, currency, and region-specific customer support. The platform guarantees the best user experience with 99.99% uptime, high liquidity, and its Proof of Reserves, thus being a secure and trustworthy exchange.

Malta: The Ideal Crypto Hub

With such a broad range of regulatory standards and a fairly strong technological ecosystem at its core, Malta was quite the natural venue for OKX to set up its hub of operation regarding MiCA. That commitment echoes even more when looking at a company’s current Class 4 Virtual Asset Service Provider license derived from the MFSA.

With more than 60 million customers in 180 markets worldwide, OKX is a world-leading platform of centralized and decentralized cryptocurrency services. The granting of the MiCA pre-authorization constitutes an important advance in its ambition to provide safe, innovative, and accessible crypto solutions across the European continent.

Read Entire Article