OKX Receives Pre-Authorization as VFA Exchange Under MiCA Regulation
Key Highlights:
- OKX secures pre-authorization as a Virtual Financial Assets (VFA) exchange under MiCA regulation.
- The pre-authorization was obtained from the Malta Financial Services Authority (MFSA).
Crypto exchange OKX has made a significant advancement by receiving pre-authorization as a Virtual Financial Assets (VFA) exchange under the Markets in Crypto-Assets (MiCA) regulation of the European Union.
Details of the Pre-Authorization:
On Jan. 23, OKX announced that it successfully secured pre-authorization from the Malta Financial Services Authority (MFSA) for its operations.
This pre-authorization paves the way for OKX to potentially obtain a full MiCA license in the future. Once the full license is acquired, OKX plans to introduce its range of crypto products and services to the European Economic Area (EEA), catering to millions of individuals in the region.
OKX intends to utilize the MiCA license to extend its services from Malta to the EEA’s 30 member states, ensuring localized and regulated offerings.
Quotes from OKX CEO:
OKX Europe’s CEO, Erald Ghoos, expressed his thoughts on the achievement, stating, “Securing pre-authorization for the MiCA license is a major milestone that further validates OKX’s mission to lead and build responsibly in the global crypto space.”
Ghoos added, “OKX will be the go-to digital asset platform for both retail and institutional customers in Europe for any digital asset offering under a fully regulated framework.”
Expansion of Crypto Products and Services:
The MiCA license will enable OKX to broaden access to its regulated crypto products, including features such as spot trading, bot trading, and OTC trading. With over 240 cryptocurrencies and 260 trading pairs, customers can benefit from a diverse range of options.
Industry Trends:
Several other exchanges and platforms, like Crypto.com, have also pursued MiCA registration to continue serving customers in the EU. However, some providers have opted for delistings or temporary exits following the implementation of comprehensive regulations at the end of December 2024.