Crypto exchange OKX has recently enhanced its presence in Europe by launching a trading platform and a self-custodial wallet specifically for customers in Belgium. This strategic move allows Belgian users to engage in spot trading and conversion services for over 200 cryptocurrencies, including 60 trading pairs denominated in euros.
Regulatory Landscape in Belgium
Despite the launch, it’s important to note that OKX has not obtained direct regulatory approval from Belgian authorities. Erald Ghoos, the General Manager for Europe at OKX, explained that the exchange operates in Belgium under a “non-rejection” status. This status is made possible through OKX’s entity registered in Malta, Okcoin Europe, which is licensed by the Malta Financial Services Authority.
Enhanced Payment Solutions for Belgian Users
To facilitate seamless euro transactions, OKX has incorporated Bancontact, a widely used payment system in Belgium. This partnership enables users to make instant euro deposits into their accounts without incurring any fees. Additionally, users can take advantage of other deposit and withdrawal methods through the Single Euro Payments Area (SEPA), which is Europe’s cashless payment system.
User Verification and Market Insight
Belgian residents looking to access OKX’s platform must complete identity verification via the Itsme identification app. Ghoos emphasized the cautious investment culture in Belgium, where investors tend to prioritize trust and security. He referenced data from Statista, which projects that about 25% of Belgium’s population will engage with cryptocurrencies by 2024, with this figure expected to rise to 28% by 2028.
Upcoming Regulatory Changes
Ghoos also pointed out an important regulatory development: effective from March 2024, the Belgian Financial Services and Markets Authority will require cryptocurrency advertisements to include clear risk warnings. This regulation aims to safeguard consumers from misleading promotions and enhance the overall awareness of potential risks associated with cryptocurrency investments.
Continued European Expansion by OKX
The launch of the new platform and wallet in Belgium is part of OKX’s broader strategy to expand its operations across Europe. Earlier this year, the exchange made inroads into the Dutch market, while also announcing intentions to establish its EU regulatory hub in Malta, chosen for its notable regulatory standards and progressive stance on blockchain technology.
Recent Partnerships and Licensing in Asia
In 2021, OKX secured a Class 4 Virtual Financial Assets Service Provider license in Malta, further solidifying its European presence. Recently, the exchange announced a significant partnership with Standard Chartered, appointing the banking giant as a third-party crypto custodian for its institutional services, which bolsters OKX’s offerings that include advanced trading features and risk management tools tailored to institutional investors.
Global Licensing and Expansion Efforts
On the international front, OKX has made strides in securing a Major Payment Institution (MPI) license in Singapore, allowing the exchange to offer various financial services beyond certain monetary caps. In addition, the platform officially launched operations in Australia in May, providing options for spot trading and derivatives trading for accredited wholesale clients. The Netherlands also saw the rollout of a crypto trading platform along with a Web3 wallet in June. However, OKX has withdrawn its application for a Virtual Asset Service Provider (VASP) license in Hong Kong, ceasing its services in that region.