As a seasoned crypto investor with a keen eye for opportunities and a nose for regulatory compliance, I find OKX’s expansion into Belgium to be a strategic move that aligns with my investment philosophy. Having navigated through the ever-evolving landscape of cryptocurrencies, I appreciate OKX’s cautious approach in not seeking direct approval from Belgian authorities but operating under an EU-regulated entity instead.
In simple terms, the crypto exchange OKX is broadening its presence in Europe by introducing a trading platform and a personal custody wallet within the borders of Belgium.
According to a recent announcement made by OKX to CryptoMoon on November 26th, both the OKX Exchange and the OKX Wallet are now accessible to customers residing in Belgium.
Now, thanks to the fresh offerings from OKX, Belgian users have the opportunity to engage in spot trading and exchange over 200 different digital currencies, among which are 60 unique trading options that allow for cryptocurrency trading using the Euro as a base currency.
OKX’s Belgian services are offered from an EU-regulated entity
According to Erald Ghoos, the general manager of OKX’s Europe region, the launch doesn’t necessitate immediate approval by Belgian regulatory bodies.
Ghoos stated that we haven’t received formal approval yet, but there has been no rejection of our activities in Belgium.
“We offer our services from a regulated entity within the EU, without any permanent establishment in Belgium.”
Through Okcoin Europe, a company based in Malta and regulated by the Maltese Financial Services Authority as a provider of Virtual Financial Assets, OKX provides its services in Belgium.
Belgian payment system Bancontact enables euro deposits and withdrawals
In order to make it easier for Euro deposits and withdrawals, OKX has teamed up with Bancontact, a widely-used payment method in Belgium.
Through Bancontact integration, OKX allows Belgian customers to swiftly transfer euros into their accounts without any fees. Furthermore, OKX supports transactions both in and out using the SEPA, Europe’s unified, cashless payment system.
Residents of Belgium are able to trade on the platform once they have confirmed their identity via the Itsme identification application.
A quarter of Belgium’s 11.8 million population is estimated to have crypto exposure
According to OKX’s Ghoos, Belgian investors tend to be cautious and risk-averse. They place a high emphasis on reliability and safety when making financial choices, often preferring secure and steady investment opportunities over more volatile ones.
According to statistics from Statista, Ghoos predicts that the number of Belgian cryptocurrency users will be approximately 25% in 2024 and could reach around 28% by 2028.
Furthermore, it was pointed out by Ghoos that the Belgian Financial Services and Markets Authority made a rule in March 2024 requiring all cryptocurrency ads to clearly state the potential risks involved.
He stated that this program is designed to boost consumer knowledge and shield prospective investors from deceptive advertising.
OKX’s launch in Belgium is part of its strategic plan to expand its European presence.
In June of 2024, OKX started operating its exchange within the Netherlands. A month later, in July 2024, they declared their plans to set up their regulatory center in Malta, where OKX had already secured a Class 4 Virtual Financial Assets (VFA) Service Provider license by 2021.
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2024-11-26 11:13