OKX secures MiCA pre-authorization, paving the way for localized crypto services

OKX secured pre-authorization under the European Union’s Markets in Crypto-Assets (MiCA) regulation from the Malta Financial Services Authority (MFSA) on January 22. 

The pre-approval indicates the company is successfully done with the regulator’s review process and is qualified for a full MiCA license.

The OKX is planning to obtain a full MiCA license in Malta. There, it will provide localized crypto services to over 400 million Europeans through its European Economic Area (EEA) hub.

OKX’s platforms will feature regional language options, euro-based trading pairs, and local-language customer support

Upon receiving a full MiCA license, OKX will allow clients to access their regulated crypto exchange products, such as OTC trading, spot trading, and bot trading, for 240+ cryptocurrency tokens across 260+ trading pairs and 60+ Euro-based trading pairs. 

Besides, their website and mobile platform will be customized to the regional language, with a local currency layout and customer relations in the native language.

OKX said the achievement fortifies their drive to deliver “secure, transparent, and innovative solutions, ensuring customers benefit from a trusted and compliant platform in Europe’s rapidly evolving crypto landscape.”

The platform will allow clients to transact in euros for free via bank transfer and buy cryptos through local payment models. The Malta hub will be a gateway to the 30 EEA member states under MiCA’s unified administrative structure.

The company intends to reinvent the crypto experience for individual and institutional clients, offering creative products such as its Advanced Exchange, Simple Exchange, and on-chain wallet solutions.

More exchange platforms are planning for MiCA licenses

Malta is attracting more exchanges, with Gemini being the latest to announce its intention to acquire a MiCA license there. Gemini said it is dedicated to providing its services in Europe through a local spot in Malta.

Another popular global crypto exchange, Crypto.com, made its intention to obtain the MiCA license public on January 17. However, the platform didn’t mention where it had opted to secure its license.

Since the European Union fully enacted MiCA, only a handful of crypto asset service providers have gotten the license.

Crypto platform MoonPay was among the first CASPs to receive one from the Dutch Authority for the Financial Markets (AFM) on December 30, alongside other firms, including BitStaete, Zebedee Europe, and Zebedee Europe.

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