OKX Launches Trading and Wallet Services in Belgium Amid Regulatory Considerations and Growing Crypto Interest

• OKX has made a significant move in Europe by launching a trading platform and wallet service in Belgium, enhancing access to digital currencies for local investors.

• The exchange now enables Belgian users to trade in over 200 cryptocurrencies, reflecting a growing interest in crypto assets across Europe.

• According to Erald Ghoos, OKX’s Europe general manager, “We have no regulatory approval, only a non-rejection for our activity in Belgium,” emphasizing their operational strategy.

OKX launches services in Belgium, allowing access to 200+ cryptocurrencies while operating under EU regulations without direct approval. Major impact on local trading.

OKX’s Belgian services are offered from an EU-regulated entity

OKX’s entry into Belgium is significant as it operates without direct regulatory approval from the country’s authorities. Instead, the exchange uses an established EU framework to offer its services. Erald Ghoos clarified this operational strategy: “We offer our services from a regulated entity within the EU, without any permanent establishment in Belgium.” This approach allows OKX to navigate the complex regulatory landscape while providing robust cryptocurrency services.

OKX’s Compliance Framework in Belgium

To comply with European regulations, OKX conducts its operations through Okcoin Europe, a Malta-registered company. This entity is licensed by the Malta Financial Services Authority as a Virtual Financial Assets Service Provider. Such compliance not only solidifies OKX’s position within the European market but also ensures that Belgian customers enjoy a secure trading environment, adhering to EU guidelines and protections.

Belgian payment system Bancontact enables euro deposits and withdrawals

As part of its local service offerings, OKX has integrated with Bancontact, a widely used payment system in Belgium. This integration facilitates seamless euro deposits and withdrawals, making it easier for customers to manage their crypto investments. “With the Bancontact integration, customers can instantly deposit euros into their accounts free of charge,” OKX stated, enhancing user experience and accessibility.

Enhancing User Experience with Cashless Payments

Besides Bancontact, OKX also utilizes Europe’s Single Euro Payments Area, which enables further cashless transactions. This approach caters to the tech-savvy Belgian residents who prefer efficient and fast online financial solutions. Users can begin trading after completing their verification through the Itsme identification app, ensuring a robust security framework is in place.

A quarter of Belgium’s 11.8 million population is estimated to have crypto exposure

As the popularity of cryptocurrencies continues to rise, Erald Ghoos remarked on the conservative nature of Belgian investors, stating, “Belgian investors are generally conservative, prioritizing trust and security in their financial decisions.” This cautious approach is evident as the reported 25% crypto user penetration for 2024 reflects a growing, yet still conservative, acceptance of cryptocurrencies in Belgium.

Future Projections for Crypto in Belgium

Data from Statista indicates that crypto adoption in Belgium is expected to reach 28% by 2028, aligning with global trends of increasing digital currency acceptance. However, regulations are tightening, emphasized by the Financial Services and Markets Authority mandating clear warnings in cryptocurrency advertisements to mitigate potential risks. Ghoos notes, “This initiative aims to enhance consumer awareness and protect potential investors from misleading promotions.”

OKX’s Strategic Expansion in Europe

The launch of OKX in Belgium is part of a broader strategy to enhance its European presence. Earlier this year, the exchange launched its platform in the Netherlands and plans to establish its EU regulatory hub in Malta, where it secured its Class 4 Virtual Financial Assets Service Provider license in 2021. This comprehensive approach showcases OKX’s commitment to building a strong foothold in the European fintech landscape.

Conclusion

The introduction of OKX’s services in Belgium signifies a pivotal moment for cryptocurrency trading in the region, offering various trading options and user-friendly features. With a foundation built on EU regulation and partnerships with local payment systems, OKX aims to create a trustworthy trading environment for Belgian investors. As adoption rates continue to rise, the exchange is well-positioned to cater to the changing landscape of digital finance in Europe.