Crypto exchange OKX has officially launched its fully regulated exchange services in Germany and Poland on Tuesday. The firm calls both countries “key growth markets” in Europe.
Per an official announcement, the launch offers deep liquidity, low fees, and trade over 270 cryptocurrencies, including 60 crypto-euro pairs.
OKX received a MiFID II license in March to launch derivative products for European institutional clients. Additionally, it became the first virtual financial assets exchange to receive the pre-approval status under the new MiCA framework.
From its headquarters in Seychelles, OKX recently relaunched in the US, following the company’s settlement with the Department of Justice.
Here’s What OKX Will Offer in Germany, Poland
Erald Ghoos, CEO for OKX Europe, said that the European expansion “represents a major advancement” in the exchange’s strategy.
With the launch, OKX users in Germany and Poland can access spot trading, staking, automated trading bots, and a wide range of localized services.
Further, OKX supports Euro deposits and withdrawals, making it easier to access crypto markets. Additionally, the regulatory compliance and clear legal framework is expected to boost new institutional partnerships.
“That means building regulated, localized platforms that not only meet compliance standards, but actually deliver on what our users care about: performance, simplicity, and trust,” the announcement read.
MiCA Offers a ‘Level-Playing Field’
The Markets in Crypto-Assets (MiCA) regulation, has been one of the major crypto regulatory shifts in Europe. OKX received MiCA license in February to offer fully compliant crypto offerings to over 400 million Europeans across 28 European Economic Area (EEA) member states.
Przemysław Kral, CEO of a decade-old exchange in zondacrypto, told Cryptonews that regulations like MiCA attract major players to the market.
“MiCA imposes limitations, but they’re necessary for crypto to go mainstream,” Kral said. “What MiCA does offer is a level playing field.”
However, he noted that there are major systemic drawback of MiCA.
“If you wanted to start a crypto business from scratch today, MiCA makes that impossible,” he added. “The directive’s requirements can only be met by large, established players. So, the resolution has eliminated my competition. MiCA cements and consolidates the market.”
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