Cryptocurrency platform set for debut in Germany
In a recent interview with Börsen-Zeitung, Erald Ghoos, the Europe chief at OKX, a major global cryptocurrency platform, discussed the company's European expansion plans and the potential impact of increased regulatory costs on the industry.
Ghoos highlighted that the European Union's MiCA (Markets in Crypto-Assets) framework, which is designed to regulate the crypto industry, is likely to drive consolidation in the European crypto market. Smaller exchanges, he explained, may struggle to meet the cost and complexity of MiCA standards, leading to a shakeout where only larger, more tech-advanced exchanges with sufficient scale, resources, and regulatory preparedness can thrive.
This consolidation, Ghoos believes, would favour major players like OKX, Coinbase, and Crypto.com, all of which are already MiCA certified. The regulatory environment, he stated, is expected to separate serious market players from unlicensed actors, fostering a healthier, trust-based competitive landscape.
Regarding OKX's European expansion, Ghoos confirmed that the company is focusing on Germany as a key market, alongside Poland, France, Spain, and the Netherlands. OKX has been live in Germany for about three weeks and is gradually rolling out its services. However, Ghoos did not provide details about the timeline for the platform's European expansion or the payment infrastructure that OKX is planning to integrate in the European market.
In addition, Ghoos stated that OKX sees increased regulatory costs in Europe as potential opportunities for mergers and acquisitions. The company requires a payment infrastructure that's easy to integrate in the European market and a functional e-Governance structure for onboarding. Germany, with its strong e-Governance structure and payment infrastructure, provides the necessary foundation for OKX's European expansion.
OKX is approaching its European expansion strategically, aiming to tailor its global services locally. The company did not mention any new services or features that OKX is planning to introduce in Europe. The interview with Erald Ghoos did not provide details about any specific plans for mergers and acquisitions in the interview.
The European Union's MiCA framework is anticipated to drive consolidation in the European crypto market, favoring major players like OKX, Coinbase, and Crypto.com due to their technological advancements and regulatory preparedness. As OKX expands into Europe, the company is prioritizing Germany, alongside other countries, and sees increased regulatory costs as potential opportunities for mergers and acquisitions, particularly in light of Germany's strong e-Governance structure and payment infrastructure.
