OKX, a leading cryptocurrency exchange, has achieved a significant milestone in its regulatory journey. On January 22, the Malta Financial Services Authority (MFSA) granted OKX pre-authorization for a Markets in Crypto-Assets (MiCA) license. This approval indicates that OKX has successfully cleared the preliminary review phase and is now positioned to obtain a full license under the EU’s MiCA framework.
👉 Explore OKX’s regulatory progress
What Pre-Authorization Means for OKX
Erald Ghoos, General Manager of OKX Europe, clarified that this pre-authorization represents the final phase of their application process. The exchange intends to secure its full license through its Malta hub, established in 2024 specifically to align with MiCA requirements.
Key Benefits of MiCA Compliance
- EU-wide service expansion
- Listing of 240+ compliant cryptocurrencies
- Support for 260+ EUR trading pairs
- Enhanced offerings like spot trading, OTC services, and automated tools
OKX’s Strategic Expansion Plans
Services for EU Users
Once fully licensed, OKX will:
- Broaden its crypto offerings to EU residents.
- Introduce staking and other MiCA-compliant products.
- Ensure transparency in asset listings (though specific tokens, including USDT, remain unconfirmed).
Why Malta?
Malta emerged as OKX’s European hub due to:
- Pro-crypto regulatory environment
- Streamlined licensing procedures
- Strategic alignment with MiCA’s December 2024 enactment
👉 Learn about OKX’s Malta operations
Competitive Landscape for MiCA Licenses
OKX isn’t the only exchange pursuing MiCA compliance:
| Exchange | Status | Hub |
|--------------------|--------------------------------------------|----------|
| Gemini | Applying via Malta | Malta |
| Crypto.com | Undisclosed location | TBD |
| MoonPay | Licensed (December 2024) | N/A |
| Boerse Stuttgart | First German licensee (January 2025) | Germany |
FAQs
Q: When will OKX receive its full MiCA license?
A: While timelines aren’t specified, pre-authorization suggests imminent approval.
Q: Will OKX delist USDT under MiCA?
A: OKX has not confirmed changes to its stablecoin offerings.
Q: Which services will OKX offer in the EU?
A: Spot trading, EUR pairs, staking, and compliance-focused products.
Q: How does Malta benefit crypto businesses?
A: Malta offers clear regulations and a supportive ecosystem for crypto innovation.
This development underscores OKX’s commitment to regulatory compliance and EU market growth, positioning it alongside industry leaders in the MiCA era.