OrangeX, a cryptocurrency trading firm based in the Czech Republic, announced that its operations comply with the European Union’s Markets in Crypto Assets Regulation (MiCAR).
MiCAR has been applicable to organisations issuing Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs) since 30 June 2024.
More recently, its provisions have extended to Crypto-Asset Service Providers (CASPs).
The regulation marks a significant shift in the EU’s approach to cryptocurrency oversight.
It focuses on enhancing consumer protection, promoting market integrity, and strengthening advancements within the digital asset ecosystem, said the cryptocurrency exchange.
OrangeX said it has taken several steps to align its operations with the new regulatory framework, including successful integration with several tools.
To meet the requirements of MiCAR, the company has integrated Travel Rule API, a key component of anti-money laundering (AML) regulations.
Currently, OrangeX holds a trading license in the Czech Republic, which allows the exchange to operate within the EU’s existing regulatory framework.
As part of its preparation for MiCAR, OrangeX is committed to ensuring compliance with the regulation’s stringent standards as a Crypto-Asset Service Provider (CASP).
The company said it fully understands that stringent AML measures play a key role in protecting users and ensures compliant development of the platform.
In addition to its existing database, OrangeX has recently integrated Slowmist’s AML system and CipherOwl, which are also used by major crypto exchanges worldwide.
The integration allows the company to scan the transactions more effectively and prevent virtual assets from flowing to sanctioned or high-risk addresses.
OrangeX in its statement said: “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.
“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.”
