VICTORIA, Seychelles, Jan. 1, 2025
/PRNewswire/ -- December 30,
2024, just marked a pivotal moment for the
cryptocurrency industry as the European Union
Markets in Crypto Assets Regulation (MiCAR)
comes into effect. This groundbreaking regulation represents a
major shift in the EU's approach to cryptocurrency
oversight, aiming to enhance consumer protection, promote
market integrity, and foster innovation across the
digital asset ecosystem.
Recognizing the significance of MiCAR for the future of the
crypto industry, OrangeX has taken several steps to
align its operations with the new framework, which
includes successful integration of the Travel Rule API, a
crucial component of anti-money laundering (AML) regulations.
This integration demonstrates OrangeX's commitment to compliance
and its proactive approach to meeting the requirements set forth by
MiCAR.
1. Travel Rule API Integration: A Milestone in AML
Compliance
OrangeX is proud to announce the successful integration of the
Travel Rule API, a key component of anti-money laundering
(AML) regulations. This technology ensures seamless and
compliant data sharing between financial entities, reinforcing
OrangeX's commitment to transparency and consumer protection. By
implementing this critical tool, OrangeX has taken a proactive
stance to address MiCAR's rigorous AML requirements.
2. Licensed Operations in EU
Currently, OrangeX holds a trading license in the
Czech Republic, enabling the
exchange to operate within the EU's existing regulatory framework.
This license not only affirms OrangeX's credibility but also places
the platform in a strong position to expand its services across the
EU once MiCAR takes full effect.
3. Registering as Crypto-Asset Service Provider
(CASP)
As part of its preparation for MiCAR, OrangeX is dedicated to
ensuring compliance with the regulation's stringent standards as a
Crypto-Asset Service Provider (CASP). We're
actively implementing measures to meet all operational, security,
and transparency requirements set forth by the new rules.
4. Continuously Adopting Advanced Technologies
OrangeX fully understands that stringent anti-money laundering
(AML) measures are crucial for protecting users and ensuring the
compliant development of the platform. Recently, in addition to
OrangeX's existing database, they have integrated Slowmist's AML
system (https://www.misttrack.io/) and CipherOwl, which are also
used by major crypto exchanges globally. This enables
OrangeX to more comprehensively scan transactions and prevent
virtual assets from flowing through our platform to sanctioned or
high-risk addresses.
OrangeX recognizes the importance of adhering to regulatory
standards. We maintain active communication with regulators and are
instrumental in developing our compliance architecture and keep
focusing on implementing the necessary measures to uphold the
highest standards of security and transparency for the users. All
efforts underscores OrangeX's long-term vision of building a
secure, trusted, and innovative platform for its
users.
A Bright Future for the EU
Crypto Market
The introduction of MiCAR signals a new era of opportunity for
cryptocurrency service providers, customers, and
affiliates. By standardizing regulations across the EU, MiCAR is
expected to enhance market credibility, attract more institutional
investors, and create a safer environment for all stakeholders.
OrangeX views these developments as an opportunity to lead by
example in promoting a compliant and forward-thinking
crypto ecosystem. The exchange is committed to
collaborating closely with EU regulators to ensure its
operations align with MiCAR's requirements, setting the stage for
future growth and innovation.
About OrangeX
Established in 2021, OrangeX operates a high-standard
cryptocurrency trading platform with the most advanced
technology, skilled staff, and experienced financial expertise.
OrangeX provides its users with services including derivatives
trading, spot trading, one-click copy trading, and a fiat gateway
to purchase cryptocurrencies. Now OrangeX boasts a
client base of over 2.6 million users because of its technical
advantages and professional services.
For more information, please visit: Website |
Twitter | Telegram | CoinMarketCap | CoinGecko
For media inquiries, please contact: marketing@orangex.com
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SOURCE OrangeX
