OKX secures a pre-authorization license for MiCA

OKX has become the first global exchange to obtain prior authorization under the EU Markets for Cryptoassets (MiCA) regulation.

This milestone allows OKX to provide local and regulated crypto services to over 400 million Europeans through its European Economic Area (EEA) hub in Malta.

OKX exchange obtains prior authorization from MiCA

Based on this announcement, Malta’s strong regulatory environment and advanced technological infrastructure played a decisive role in OKX’s decision to establish its MiCA center there. The exchange already holds a Tier 4 VASP (Virtual Asset Service Provider) license from the Malta Financial Services Authority (MFSA), known for its strict compliance standards.

“The MFSA is known for its comprehensive regulatory framework and is at the forefront of global regulatory standards. Through our Malta hub, OKX clients will be offered the best, most secure and fully compliant digital asset platform,” said Erald Goss, CEO of OKX Europe, in a statement shared with BeInCrypto. “.

Notably, MiCA represents the European Union’s efforts to create a unified regulatory framework for digital assets. Once OKX obtains a full MiCA licence, it will be able to passport its services across all 30 EEA member states. This will simplify access to regulated crypto services for retail and institutional clients across the region.

“MiCA’s progressive approach to regulating digital finance in Europe and its strong focus on customer safety and security sets a global standard… Europe’s position on adopting transparent and unified regulation is a key driver for building the future of the global digital economy,” the statement read. Quoted by OKX President Hong Fang.

For now, this represents a step in the right direction, bringing them closer to full licensing. It paves the way for the exchange to offer a comprehensive range of offerings. Services range from over-the-counter (OTC) trading to spot and robo trading, offering access to over 240 cryptocurrencies across 260 token pairs.

Users will also have access to over 60 EUR-based trading pairs, local language support, and currency displays, which will enhance the accessibility of the platform while improving the overall user experience.

MiCA empowers cryptocurrency companies expansion Plans

This announcement comes on the heels of OKX’s growing global footprint. The exchange’s MiCA pre-authorization builds on its recent partnership with Standard Chartered, which focuses on institutional custody solutions. This collaboration highlights OKX’s ambition to serve a diverse customer base, from retailers to large-scale enterprises.

“OKX will be the digital asset platform of choice for both retail and institutional clients in Europe for any digital asset offering within a fully regulated framework,” Goss added.

OKX’s expansion into Europe under MiCA reflects a commitment to becoming the most licensed and regulated platform in the world. This prior authorization is said to mark the company’s eighth regulatory milestone, cementing its position as a leader in the cryptocurrency industry.

Furthermore, OKX’s prior authorization coincides with recent hints from its founder about a secret business line. As BeInCrypto reported, the project aims to complement core cryptocurrency offerings and drive innovation in the digital asset space.

OKX’s achievement comes amid a flurry of MiCA-related activity in the cryptocurrency industry. Less than a week ago, Crypto.com obtained its MiCA license, expanding its operations within the European Union. Likewise, four other companies, including MoonPay, recently obtained MiCA licenses in the Netherlands and Malta.

However, implementing MiCA has not been without challenges. In preparation for the new regulations, several EU-based exchanges have removed Tether’s USDT, creating uncertainty among users.