OKX becomes MiCA licensed crypto exchange for the euro area
Things are moving in the field of licensing in the EU, Europe’s new crypto regulatory framework is called MiCA and OKX has become one of the first crypto exchanges to successfully apply for approval under MiCA in the EU.
OKX says that the local licensing process for some European countries will be initiated first. Specifically, the application process in France has already been completed and the blockchain subsidiary of OKX, OKP5, was awarded licenses by the competent authorities there. With this, OKX has established an office and launched campaigns to attract French customers.
Focus on the euro area
In a parallel press release, OKX emphasizes that its strategic focus in the coming months is to expand its presence in the euro area. Necessary steps for this have been taken, including preparations for the corresponding countries. OKX frames the start under MiCA as a commitment to safety standards and transparency, which are becoming binding for all crypto companies in the EU.
OKX is the world’s second-largest crypto exchange by trading volume, and with MiCA, it is in a strong position to play a key role in the EU market. With the MiCA license, OKX has proven to be an integral part of Europe’s future crypto landscape.
MiCA offers legal certainty
The MiCA regulations bring a unified regulatory framework across the EU that is speculated to go into effect in 2024. The main advantage for consumers and companies will be cross-border legal certainty and the same laws anywhere in the EU area. Observers see the EU as one of the pioneers in the global crypto industry with MiCA. For now, MiCA will regulate cryptocurrencies, stablecoins, and digital assets but does not yet fully cover decentralized finance or NFTs.
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