Okx Announces Compliance-Focused Expansion to Brazil

Okx, one of the largest cryptocurrency exchanges, has announced it will expand to Brazil in the coming months to offer a regulated crypto platform to Brazilian customers. The exchange, which chose the country as its entry doorstep to Latam, aims to fulfill the regulatory requirements still being determined by the Central Bank of Brazil to offer a local experience with sufficient liquidity.

Okx Prepares to Enter Brazil

Okx, one of the largest cryptocurrency exchanges in the market, has announced that it will expand to the Brazilian market in the coming months. The exchange chose Brazil as an entry doorstep for Latam due to the size of the local market, and to be well positioned before the new “summer of crypto assets,” Okx Executive President Hong Fang told Valor Economico.

Fang values Latam as a region that appreciates crypto in a different light, given that several countries have a large crypto adoption index that includes using these tools for purposes other than speculation, including inflation hedging and savings.

Fang stated:

Brazil and Latin America as a whole are very strategic for the crypto industry. People here see value in crypto assets for different reasons. In Argentina, due to the economic crisis, as a way of preserving value and protecting [themselves] from inflation.

Differentiation From Other Exchanges

Hong Fang emphasized that Okx wants to differentiate itself from other exchanges in the country by offering a local trading experience but with the technology, trading volumes, and support of larger platforms. For this, the company is creating a local team to offer Portuguese-based support and adapt to the local regulations still being determined by the Central Bank of Brazil.

Fang clarified that Okx wants to adhere to the local cryptocurrency laws immediately after the regulation is complete. However, other aspects are also significant, to satisfy Brazilian customers. She declared:

Compliance and adherence to regulations have been a determining factor in competition, but also the user experience and what the consumer wants in terms of products, services and technology.

Okx’s focus on adherence to laws and regulations is not new. The exchange has been expanding its compliance approach in several countries. In 2023, Okx announced it was opening an office in Australia, applied for regulatory approval in France, and obtained a minimum viable product (MVP) preparatory license from Dubai regulators.

What do you think about the cryptocurrency exchange Okx’s expansion into Brazil and Latam? Tell us in the comments section below.

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