OrangeX aligns with upcoming MiCAR regulations with proactive compliance strategies
VICTORIA, Seychelles, January 1, 2025 /PRNewswire/ — December 30, 2024, has just marked a pivotal moment for cryptocurrency industry like European Union markets in Cryptocurrency Asset Regulation (MiCAR) comes into force. This innovative regulation represents a major change in the EU’s approach to cryptocurrency monitoring, aimed at improving consumer protectionpromote market integrityAnd foster innovation across the digital asset ecosystem.
Recognizing the importance of MiCAR to the future of crypto sector, OrangeX has taken several steps to align its operations with the new framework, which includes successful integration of the Travel Rule API, a crucial element of anti-money laundering (AML) regulations. This integration demonstrates OrangeX’s commitment to compliance and its proactive approach to meeting the requirements set out by MiCAR.
1. Travel Rule API Integration: An Important Step in AML Compliance
OrangeX is proud to announce the successful integration of Travel Rules APIa key element of anti-money laundering (AML) regulations. This technology ensures transparent and compliant data sharing between financial entities, reinforcing OrangeX’s commitment to transparency and consumer protection. By implementing this essential tool, OrangeX has taken a proactive stance to meet MiCAR’s rigorous anti-money laundering requirements.
2. Licensed operations in the EU
Currently, OrangeX holds a commercial license in the Czech Republicallowing the exchange to operate within the existing EU 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 comes into full force.
3. Register as Cryptocurrency-Asset Service Provider (CASP)
As part of its preparation for MiCAR, OrangeX is committed to ensuring compliance with the strict standards of the regulation as Cryptocurrency-Asset Service Provider (CASP). We are actively implementing measures to meet all operational, security and transparency requirements set out by the new rules.
4. Continually adopt advanced technologies
OrangeX fully understands that strict anti-money laundering (AML) measures are crucial to protect users and ensure the compliant development of the platform. Recently, in addition to OrangeX’s existing database, they integrated Slowmist’s AML system (and CipherOwl, also used by large crypto trade on a global scale. This allows OrangeX to analyze transactions more comprehensively and prevent virtual assets from flowing through our platform to sanctioned or high-risk addresses.
OrangeX recognizes the importance of complying with regulatory standards. We maintain active communication with regulators and play an instrumental role in the development of our compliance architecture and continue to focus on implementing the necessary measures to meet the highest standards of security and transparency for users. All efforts underline OrangeX’s long-term vision of building a secure, reliableAnd innovative platform for its users.
A bright future for the EU Cryptocurrency Walk
The introduction of MiCAR heralds a new era of opportunities for cryptocurrency service providers, customers and affiliates. By standardizing regulations across the EU, MiCAR is expected to strengthen market credibility, attract more institutional investors and create a safer environment for all stakeholders.
OrangeX sees these developments as an opportunity to set an example by promoting a compliant and forward-thinking policy. crypto ecosystem. The exchange undertakes to work closely with EU regulators to ensure its operations align with MiCAR requirements, paving the way for future growth and innovation.
About OrangeX
Created in 2021, OrangeX operates a high-profile site cryptocurrency trading platform with the most advanced technology, qualified staff and experienced financial expertise. OrangeX provides its users with services including derivatives trading, spot trading, one-click copy trading and fiat gateway to buy cryptocurrencies. Today, OrangeX has more than 2.6 million users thanks to its technical advantages and professional services.
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SOURCEOrangeX
