OKX Secures MiCA Pre-Authorization, Paving Way for European Expansion

OKX has announced that it has received a Markets in Crypto-Assets (MiCA) pre-authorization, marking a pivotal step in its expansion across the European Economic Area (EEA).

With the license, the crypto exchange plans to provide customers with access to a variety of trading services, including OTC trading, spot trading, and bot trading, featuring over 240 cryptocurrency tokens and 260 trading pairs, including more than 60 Euro-based pairs. To enhance user experience, OKX will introduce localized platforms with regional languages, currency options, and customer support.

"This milestone reinforces our commitment to delivering secure, transparent, and innovative solutions," OKX said in a statement on Thursday. "We aim to ensure customers benefit from a trusted and compliant platform in Europe’s rapidly evolving crypto landscape."

MiCA, introduced by the European Union and coming into force at the end of 2024, establishes a comprehensive regulatory framework for digital assets, focusing on transparency, consumer protection, and market integrity. It mandates entities operating within the EU to adhere to strict rules governing disclosure, anti-money laundering protocols, and stablecoin reserve requirements.

OKX’s Malta hub will serve as the foundation for its MiCA license passporting, a process allowing licensed firms to offer services across all 30 EEA member states under a unified regulatory framework.

OKX’s pre-authorization follows recent advancements in the EU’s regulatory landscape, including MoonPay’s approval under MiCA by the Dutch Authority for the Financial Markets (AFM) last December, and Crypto.com, which became the first exchange to secure an in-principle MiCA license earlier this month.

With over 60 million global customers, OKX’s entry into the European market aims to provide secure and transparent crypto services, leveraging its Malta hub to solidify its footprint across the region.

As the second-largest exchange globally by trading volume, OKX offers cutting-edge products such as its Simple Exchange, Advanced Exchange, and a comprehensive Wallet. The company also ensures transparency with Proof of Reserves and industry-leading reliability, boasting 99.99% uptime.

OKX selected Malta as its MiCA hub due to the nation’s robust regulatory approach and advanced technological infrastructure. The exchange currently holds a Class 4 Virtual Financial Assets (VFA) license from the Malta Financial Services Authority (MFSA).

"Obtaining MiCA pre-authorization is a significant milestone in our mission to expand across Europe while ensuring secure access to top-tier crypto services and innovations," OKX said.