OKX wants to operate in the United States, but chief marketing officer Haider Rafique thinks the lack of a defined legislative framework is a significant barrier.
OKX Chief Marketing Officer Haider Rafique discussed the problems of introducing advanced crypto trading products to the United States, citing a lack of a defined regulatory framework as the main impediment.
Rafique told Roundtable moderator Rob Nelson that while OKX is eager to reach the U.S. market, the regulatory climate remains a significant barrier.
“First and foremost, I reside in California. I believe the United States is a thriving market for crypto newcomers. So we view the United States as a tremendous possibility for our company,” Rafique explained. “First, let’s talk about regulations. We won’t get into the political positions of different governments, but if you look at Europe—specifically the MiCA or EEA markets—you can see that the UAE, Singapore, Australia, Brazil, Turkey, and Japan have all arguably put in place regulatory frameworks, and operators like us know how to operate in these markets.”
The Malta Financial Services Authority (MFSA) granted OKX pre-authorization for a MiCA license on January 23, bringing it closer to full compliance with the EU’s Markets in Crypto-Assets (MiCA) laws. The exchange, which will open a MiCA hub in Malta in July 2024, intends to list over 240 tokens and allow spot, OTC, and bot trading once fully approved.
Nelson’s unhappiness with not being able to use advanced cryptocurrency trading instruments in the United States sparked the talk.
“I love you, but I detest you right now,” Nelson said. “It’s like, wonderful, you have this great opportunity, but I can’t access it.”
Rafique recognized similar worries, noting that the problem isn’t a lack of rules but rather their fragmentation and complexity.
“It’s not so much about the lack of a framework. The framework has proven to be quite difficult, as it varies in each state. So if you look at New York, they have a different perspective on cryptocurrency legislation than California or Florida, for example,” he explained.
He compared this with overseas markets, where clearer laws enable businesses to operate with confidence. “Look, the other fact about our firm is that we are incredibly focused.” So, if we decide to enter a new market, we do a lot of planning beforehand. The United States is on our radar, but if we decide to go there, we would take it very seriously,” Rafique stated.
OKX is considering expanding into the United States, but it needs to make sure that the product it delivers stands apart.
“We want to make sure we have a fresh option for Americans, and it’s quite apparent. We want to make sure it’s a distinguished product, and I believe it’s safe to say we’re working on it,” he said.
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