On March twelfth, The Cryptonomist, together with different journalists from all over the world, was invited to the launch occasion in Europe of the crypto trade OKX.
OKX, in truth, on January 27, 2025, was one of many first centralized platforms for cryptocurrency exchanges to acquire the MICA license to function in Europe.
And it’s exactly in Malta that the corporate is headquartered, with workplaces that opened in 2020 once they obtained the license wanted on the time for this goal, falling beneath the class of Digital Asset Service Suppliers (VASP).
Malta: the blockchain island of OKX
Since 2018, in truth, Malta was acknowledged because the “blockchain island”, a spot in Europe the place the regulator has at all times been open and curious in direction of crypto expertise, and due to this fact many firms within the sector have since moved to the island to acquire the licenses wanted to function within the EU.
In Malta, OKX has a staff of almost 100 folks, constructed ranging from 2018.
“If you wish to construct one thing good, it takes time to have the precise folks inside the staff, to construct belief with companions, regulators, and the group.”,
Hong Fang, President of OKX since 2023, explains to us.
We remind you that OKX can also be already registered within the Netherlands.
What’s MICA regulation
The acronym MiCA stands for Markets in Crypto-Belongings, the European regulation that governs companies associated to cryptocurrencies.
The start of the MiCA addresses the necessity for a unified regulatory framework within the European Union, able to overcoming the legislative variations among the many numerous member international locations.
Due to its introduction, the goal is to advertise each a strengthened safety for traders and a extra aggressive and progressive market.
The MiCA license is a regulatory passport that enables cryptocurrency service suppliers to function in all 27 member states of the Union, a key simplification in comparison with the previous.
“Due to the MICA license, we are able to now market and function in Europe. We will localize our product in native languages and native currencies, even with native fiat fee options”,
Erald Ghoos, CEO di OKX Europe, explains to us.
OKX obtains the MiFID II license
Through the Maltese occasion, OKX additionally introduced that it has obtained the MiFID II license, which can enable the crypto-exchange to provide spinoff merchandise to institutional purchasers in Europe.
At present, in truth, the license is legitimate to supply futures and derivatives solely to institutional purchasers, however Ghoos explains to us that OKX is already working to acquire the license to open buying and selling to retail purchasers as properly.
OKX and Safety
Moreover, in the course of the press convention OKX emphasised how the trade is investing in safety because the primary precedence each globally and domestically. “The primary line of protection is that OKX has been investing for 10 years within the IT staff, cybersecurity, inner and exterior audits,” explains Fang.
Moreover, the regulator additionally performs these checks earlier than offering the licenses, so an extra assurance for the customers who use the platform.