Our MiCA Hub for Europe

By OKX Europe GM-Designate Erald Ghoos

I am proud to announce we've officially chosen Malta as our Markets in Crypto-Assets (MiCA) hub. This will allow us to offer our products and services to over 450 million EU residents in the coming months, bringing a new alternative to people in the region to access crypto markets. This pursuit begins with EU licensing (through MiCA) which will enable us to offer our services to customers in a compliant way, while also providing easy deposit and withdrawal connectivity to local bank accounts.

European Union: The Next Frontier for Crypto Innovation

The EU holds great potential for our business. Once MiCA is implemented, we'll be able to leverage our license in Malta to offer access to regulated crypto markets and great trading products in all 27 EU countries for a growing community of responsible crypto investors.

Malta as our MiCA Hub

We chose Malta after evaluating several jurisdictions because of its high regulatory standards. Malta is renowned for its thorough regulatory framework for blockchain and cryptocurrencies. This makes it an ideal location from which to extend our product offering to the European market.

Another factor was the strong infrastructure and a local team we've built in the country since establishing an office here in 2018. Our local entity, Okcoin Europe Ltd, has been licensed as a Class 4 Virtual Financial Assets (VFA) Service Provider by the Malta Financial Services Authority (MFSA) since 2021. This establishes a strong regulatory foundation for us to offer secure and compliant services across the EU.

What Does This Mean for OKX Customers in the EU?

With the MiCA framework set to roll out by the end of this year, we are gearing up to introduce a suite of services to our European customers. These will include:

• Easy ways to fund your account using your local bank

• Spot Trading: Trading pairs will include major currencies such as EUR and USDC, providing versatile trading options for EU residents

• Comprehensive Crypto Services: We will offer buy, sell, convert and staking services to include the most popular cryptocurrencies

• Great user experience with intuitive design

Looking Ahead

The MiCA framework is set to start taking effect December 30, 2024, allowing us to provide cross-border access to crypto-assets in a regulated manner.

OKX's selection of Malta for our MiCA hub is a key milestone in our ongoing expansion across Europe, following our recent launch in the Netherlands in 2024.

As a global brand, we aspire to build a secure and trustworthy platform that provides customers with the tools to access the decentralized world of cryptocurrencies. We realize that education and transparency are vitally important to create a sustainable community, and we will continue to add educational assets to our OKX blog and publish monthly Proof of Reserves to build trust.

Our journey in the EU is just beginning, and we look forward to growing our community responsibly here in the years to come.