Cryptocurrency exchange OKX obtains pioneering MiCA pre-authorization from Malta, setting stage for regulated crypto services to 400 million Europeans through passporting rights.
Cryptocurrency exchange OKX has become the first in the industry to obtain a Markets in Crypto-Assets Regulation (MiCA) pre-authorization license, allowing it to operate as a Virtual Financial Assets (VFA) exchange across Europe.
According to an official announcement on Thursday, this significant milestone enables the company to offer its suite of crypto services to over 400 million Europeans through its European Economic Area (EEA) hub based in Malta.
OKX to Expand European Presence With New License
The MiCA pre-authorization was granted by the Malta Financial Services Authority (MFSA), the regulatory body overseeing financial services in the country. OKX is now working towards obtaining the full MiCA license, which, once approved, will permit the exchange to provide regulated crypto services throughout the EEA.
The company said the full license will encompass offerings such as over-the-counter (OTC) trading, spot trading, and bot trading for over 240 digital assets across more than 260 trading pairs.
Upon receiving the full MiCA license, OKX intends to “passport” this authorization from its Malta hub to all 30 EEA member states. For clarity, passporting is a feature of the MiCA framework that allows businesses registered and licensed in one EU country to offer their services across other EU countries under a unified regulatory system.
A new alternative for Europe 🇪🇺
We’re proud to be the first global exchange to receive a MiCA pre-authorization.
This demonstrates our continued dedication to regulation, responsible growth & customer protection.
Learn more: https://t.co/nfnU1rssXR pic.twitter.com/H1WbuLTTBy
— OKX (@okx) January 23, 2025
This strategy simplifies the process for Europeans to trade and invest in digital assets, ensuring a consistent and compliant user experience across the region.
A Local Language Customization
With the MiCA authorization, OKX plans to introduce a range of localized crypto exchange products tailored to the European market. These offerings will include a user-friendly Simple Exchange for newcomers, an advanced Exchange for seasoned traders, and a comprehensive Wallet for crypto enthusiasts.
According to the company, the platform will feature customization in local languages, display local currencies, and provide local-language customer support to enhance user engagement and accessibility.
The company said securing the MiCA pre-authorization aligns with its broader vision of expanding its footprint across Europe while ensuring secure access to top-tier crypto services and innovations.
The exchange aims to redefine the crypto experience for all levels of customers across the EEA, leveraging its industry-leading technology, which boasts 99.99% uptime and Proof of Reserves for transparency.
Why Malta?
OKX selected Malta as its MiCA hub due to the country’s comprehensive regulatory approach and high standards for blockchain and crypto operations. The nation’s robust technology infrastructure and the presence of an existing OKX team further influenced this decision.
Notably, OKX already holds a Class 4 Virtual Financial Assets Service Provider (VASP) license from the MFSA, underscoring its commitment to operating within established regulatory frameworks.
Meanwhile, beyond Europe, OKX has been actively expanding its global presence. In February 2024, the company launched its crypto exchange and Web3 services in Argentina, marking a significant entry into the Latin American market.
Additionally, in October 2024, OKX became the first licensed crypto operator in the United Arab Emirates, offering AED banking rails for both retail and institutional customers.
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