OKX, a leading global Cryptocurrency exchange announced today that it has made its services live in the 28 EEA countries. This comes after it secured MiCA pre-authorization under the Crypto Markets framework of EU regulations in late January. Entering the European markets, the license as per European regulations allows OKX to operate in 28 European Economic Area member states which operate as a single unity in the unified single market of European Union. It implies that now OKX services will be available to the residents of following countries – Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden. OKX will be offering local payment methods and secure, seamless access of crypto markets to its 400M+ European users. European users will now be able to deposit and withdraw euros for free via bank transfers and purchase crypto assets through cards and other widely-used local payment methods. Why did OKX require MiCA license to operate in EEA MiCA (Markets in Crypto-Assets) is a regulatory requirement by the EU that entered into force in July 2023. It is aimed at establishing a comprehensive legal framework to regulate crypto-assets within the European Economic Area (EEA). This regulation focuses on the activities around crypto-assets that are not already covered by existing EU financial legislation such as the MiFID II framework for financial instruments and the e-money directive. Governing the operations of crypto-asset service providers (CASPs) and issuers of crypto-assets, MiCA license has to be secured by Crypto-Asset Service Providers (CASPs) that includes Exchanges, Wallet Providers, Brokerage Services, Lending Platforms, Payment Processors, before they start offering services. It also includes issuers of Crypto assets such as Tokens and Stablecoins, DeFi platforms, Crypto-Asset Trading platforms, and other Crypto-related entities. Without the license, crypto businesses cannot operate legally in EU and EEA markets. However, once a business secures it from any of the one European member states, it can operate across the entire EU market using “passporting system”. Now after securing MiCA, OKX is officially among the first global crypto exchanges legally offering their services in European markets. However, it will require OKX to maintain certain capital requirements such as €125,000 set out by licensing rules under MiCA. Apart from complying with Anti-Money Laundering (AML) & KYC, it has to provide clear and accurate information associated with risks involved in Crypto trading and investment What are the services that OKX’s Europeans users will receive? OKX offers spot trading, which allows users to buy and sell a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and many altcoins. Particularly for European users, it will allow users to trade these cryptocurrencies against various fiat currencies like EUR (Euro) and GBP (British Pound), as well as other cryptocurrencies. Furthermore, as OKX supports fiat-to-crypto and crypto-to-fiat payments, European users will be able to purchase cryptocurrencies using fiat money such as the Euro (EUR) and the British Pound (GBP) through bank transfers, credit cards, and other payment methods. Similarly, users can withdraw their crypto holdings in fiat currency. The post OKX Goes live in 28 European States after Securing MiCA License; Check if it includes your State? appeared first on CoinGape .
