OKX obtained pre-contemplation under the EU Markets in Cryptoassets (MICA) regulation from the Malta Financial Services Authority (MFSA) on January 22.
Pre-approval indicates that a company has successfully passed through the regulator’s review process and is eligible for a full MICA licence.
OKX plans to acquire full MICA license In Malta. There, it will provide in-place crypto services to more than 400 million Europeans through its European Economic Hub (EEA).
OKX platforms will offer regional language options, euro-based trading pairs, and local language customer support
Upon receiving a full MECA license, OKX It will allow customers to access regulated crypto exchange products, such as OTC trading, spot trading, and robot trading, for 240 cryptocurrency tokens across 260 trading pairs and 60 EUR-based trading pairs.
Furthermore, their website and mobile platform will be customized in the regional language, with local currency and customer relations planned in the native language.
OCX said the achievement builds on their drive to deliver “secure, transparent and innovative solutions, ensuring customers benefit from a reliable and compliant platform in Europe’s fast-evolving crypto landscape.”
The platform will allow customers to transact with euros for free via bank transfer and purchase crypto through local payment models. Hub Malta will be a gateway to the 30 EEA Member States under the unified administrative structure of MICA.
The company intends to reinvent the crypto experience for individual and institutional customers, offering innovative products such as Exchange Advanced, Simple Exchange, and on-chain wallet solutions.
More exchanges are planning MICA licenses
Malta is attracting more exchanges, with Gemini being the latest to announce its intention to obtain a mica license there. Gemini said it is dedicated to providing its services in Europe through a local venue in Malta.
Another popular global crypto exchange, crypto.com, has made its intention Obtain a MICA license Public on January 17. However, the platform did not say where it chose to secure its license.
Since the EU fully operationalized MICA, only a handful of crypto asset service providers have obtained the license.
Crypto Platform Moonpay was among the first to receive one from the Dutch Authority for the Financial Markets (AFM) on December 30, along with others, including Bitstaete, Zebedee Europe, and Zebedee Europe.
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