OKX has obtained a pre-authorization license for Markets in Crypto-Assets Regulation (MICA), according to a statement of 23 January shared with Crypto.
The stock exchange is planning to operate HUB in the European Economic Area (EEA) in Malta and to offer services to more than 400 million users.
Mica offers a uniform regulation framework for the EU cryptomarkt with the aim of giving priority to consumer protection, transparency and market integrity. The regulation includes robust anti-money laundering requirements to keep malicious actors outside the financial system.
The Mica-Framework simplifies market access for crypto companies in the EEA through interstatical provisions. With this function, licensed entities in several countries of the European Union (EU) can operate without the need for individual legal approvals.
OKX is planning to use this advantage to expand throughout the region.
Planned services
As soon as OKX has received a full mica license, it will offer a series of offers, including Spothandel, Over-the-Counter (OTC) transactions and bone trade. The company also wants to locate its platform by integrating regional languages, currency and customer support to improve accessibility.
Erald Ghoos, CEO of OKX Europe, emphasized the importance of pre-authorization in promoting the company’s vision. He emphasized that obtaining a license in Malta, known for its strict legal standards, guarantees a safe and reliable platform for users.
Ghoos said:
“The Malta Financial Services Authority (MFSA) is known for its thorough regulatory framework and is paramount in the field of global regulatory standards. OKX customers are offered the best, safe and fully compatible digital asset platform through our Malta Hub. ”
Hong Fang, President of OKX, praised Mica because of his innovative regulatory framework, which balances growth and consumer protection. She noted that the European approach is putting a global standard and reflects the leadership of the region in shaping the future of digital assets.
This announcement emphasizes a growing trend of fairs that focus on complying with MICA regulations. Crypto.com recently obtained the fundamental approval for a mica license, after similar developments of companies such as MoonPay.