During its official launch in Spain, Erald Ghoos, Head of Europe for global crypto exchange OKX, highlighted the nation's strategic role in the company’s European expansion. In an exclusive interview, he pointed to survey data and regulatory progress as signs of Spain's rapidly growing crypto market.
Ghoos brings over 20 years of financial industry experience from leadership roles at major firms like Paysafe, Crypto.com, and Binance. He now leads OKX’s European operations, focusing on key markets including Germany, France, Poland, the Netherlands, and Spain.
Why Spain Is a Strategic Market for OKX
Ghoos emphasized that Spain represents a significant growth opportunity. He cited a European Central Bank survey indicating that the percentage of cryptocurrency investors in Spain doubled from 4% to 9% between 2022 and 2024.
This growth is largely attributed to the increasing regulatory clarity provided by the European Union’s Markets in Crypto-Assets (MiCA) regulation. According to Ghoos, MiCA has been a "major breakthrough," harmonizing rules across member states and building much-needed consumer trust. He noted that past industry incidents made Spanish investors initially more cautious, but the landscape is now changing rapidly.
“Spain is accelerating its adoption compared to other countries,” Ghoos stated, adding that the combination of strong regulation and a more favorable political climate in key markets like the U.S. is driving global confidence.
Services and Features for Spanish Users
Spanish users on the OKX platform have access to trade over 270 different cryptocurrencies. The exchange provides a suite of features, including:
- Staking with rewards
- Automated trading bots
- High-liquidity spot trading
To better serve the local market, OKX is working to integrate popular Spanish payment methods like Bizum and electronic identification systems such as Clave. This local focus is part of a broader strategy to offer a seamless and compliant user experience. For those looking to dive deeper into the available tools and markets, you can 👉 explore the trading platform here.
Navigating Regulation and Building Trust
A significant portion of the discussion addressed the industry's need to move past its "Wild West" image. Ghoos stressed OKX’s commitment to compliance and transparency, underscoring its hard-earned MiCA license, which grants it a passport to operate across the European Union.
This commitment is being tested. The company has faced regulatory challenges, including a past settlement of $504 million with U.S. authorities for compliance failures and a separate fine in Malta for anti-money laundering lapses in 2023. Ghoos asserts that the company now meets all these requirements and has significantly invested in its global and local compliance teams.
Furthermore, the recent hack of another exchange, Bybit, placed OKX under scrutiny when some of the stolen funds were moved through its decentralized Web3 services. In response, OKX proactively suspended its Web3 services in Europe and collaborated with regulators. The service has since been reinstated in some markets with enhanced safeguards, though it remains paused in Europe as a precaution.
To build user trust, OKX publishes a monthly Proof of Reserves, providing verifiable evidence that customer funds are fully backed.
The Golden Age of Crypto and Future Outlook
Looking ahead, Ghoos is profoundly optimistic. “Between 2024 and 2034 will be a golden era for cryptos, especially for bitcoin,” he predicted. He believes that with advancing regulation, growing user bases, and increasing assets under management, now is the best time to be part of the ecosystem.
When asked about rumors of a potential IPO in the U.S., Ghoos acknowledged that it is a consideration for a company of OKX’s size and profitability but clarified that there are no concrete plans at this time.
Frequently Asked Questions
What is the MiCA license and why is it important?
MiCA (Markets in Crypto-Assets) is a comprehensive regulatory framework for cryptocurrencies in the European Union. It's important because it creates harmonized rules across all EU member states, providing legal clarity for businesses and enhancing consumer protection and market integrity.
How does OKX ensure the safety of user funds?
OKX employs a multi-layered security strategy. This includes strict regulatory compliance under licenses like MiCA, advanced technical security measures, and a monthly Proof of Reserves audit. This audit publicly verifies that the exchange holds all customer assets in full.
What specific payment methods are available for Spanish users?
Currently, Spanish users can utilize standard payment methods like bank transfers and card payments. OKX has confirmed it is working to integrate local favorites, including the widely used Bizum system, to make deposits and withdrawals more convenient.
What happened with OKX's Web3 services?
Following a major hack on another exchange, some stolen funds were funneled through OKX's non-custodial Web3 services. As a precaution and in cooperation with regulators, OKX voluntarily suspended these services in Europe. They have since been relaunched in other regions with improved security monitoring.
Is Spain a good market for cryptocurrency investment?
According to data and industry leaders, Spain's crypto market is experiencing rapid growth. Regulatory clarity from the EU and increasing adoption rates suggest a maturing market with significant potential, though all investments carry inherent risk.
What are the benefits of using a regulated exchange?
Using a regulated exchange like OKX offers greater protection for investors. Regulation mandates stricter security protocols, transparency requirements (like Proof of Reserves), and adherence to anti-money laundering laws, creating a safer and more reliable trading environment.