OKX, the cryptocurrency exchange, has received pre-authorization for a MiCA license from the Malta Financial Services Authority (MFSA) on Jan. 22. This pre-authorization shows that OKX has passed the initial review process and is now eligible to receive a full license under the EU’s Markets in Crypto-Assets (MiCA) regulation.
OKX receives pre-authorization for MiCA compliance via Malta hub. Source: XErald Ghoos, the general manager of OKX Europe, explained that this marks the final stage of their application process. OKX plans to finalize its licensing through its Malta hub, which was set up in 2024 to comply with MiCA regulations.
Plans After Receiving a Full License
Once fully licensed, OKX plans to expand its services to crypto users across the European Union. The exchange aims to list over 240 cryptocurrencies that meet MiCA’s rules. It will also support trading in at least 260 pairs using the euro. Services like spot trading, over-the-counter trading, and automated trading tools will also be offered.
OKX has not yet revealed which specific cryptocurrencies will be available after licensing. It also did not comment on whether it plans to remove Tether’s USDT stablecoin, which faces questions about its MiCA compliance.
Why Malta Was Chosen as OKX’s Hub
In July 2024, OKX selected Malta as its European hub for MiCA compliance. Malta was chosen because of its strong support for crypto businesses and its clear regulatory processes. OKX established a team in Malta to prepare for MiCA, which officially came into effect on December 30, 2024.
The Malta hub also positions OKX to offer additional services, such as crypto staking, to EU residents under the new regulations.
Competition Among Crypto Exchanges for MiCA Licenses
OKX is not alone in working toward MiCA compliance. Other major exchanges are also applying for licenses. Gemini, another cryptocurrency platform, plans to obtain a MiCA license through its operations in Malta. Crypto.com also announced plans to secure a MiCA license, although it hasn’t disclosed where it will do so.
Some companies have already received their MiCA licenses. MoonPay, a crypto payments platform, was among the first to secure one in December 2024. Boerse Stuttgart, a leading stock exchange in Germany, became the first company in its country to obtain the license in January 2025.
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