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Cryptocurrency exchange OKX — previously known as Okex — announced that it secured passporting to operate in the European Economic Area (EEA) under the Markets in Crypto-Assets (MiCA) regulatory framework.
In a recent announcement, OKX wrote that the firm is ” officially among the first MiCA-licensed global crypto exchanges to passport its services across Europe.” The text explains further:
“We now offer fully regulated, localized crypto services to over 400 million people in 28 EEA countries, all through our European hub in Malta. Whether you’re in France, Germany, Spain, or any of the other Member States, you now have access to our cutting-edge crypto products with local payment methods and currency options.”
Under MiCA, passporting allows service providers registered in a single European Union country to expand to the whole of the European Economic Area. The approval follows OKX obtaining its license at the end of February.
The details
OKX announced that its EEA users can now access an over-the-counter trading desk, spot and bot trading of over 240 cryptocurrencies and tokens across over 300 trading pairs. Of those, over 60 pairs involve the euro, with euro fiat deposits and withdrawals via bank transfers being free — while not free, card payments are also supported.
Other than launching those services, OKX is also adding support for more languages in its mobile application and web platform as well as options to display values in local fiat currencies. Customer service in multiple local languages is also being deployed.
The news follows Kraken — one of the oldest cryptocurrency exchanges — acquiring a Markets in Financial Instruments Directive (MiFID) license at the beginning of the month. Shannon Kurtas, Kraken Co-GM of Pro & Exchange said:
“As we continue to expand our services across the globe, our focus on the European market remains a top priority. […] This acquisition reflects our confidence in the EU and underscores our commitment to providing a trusted, regulated environment for advanced crypto traders and investors.”
