Ouinex, an upcoming cryptocurrency exchange, is strengthening its regulatory position before launch as it recently received a Virtual Asset Service Provider (VASP) registration from the Polish Financial Supervision Authority (KNF), Finance Magnates has learned.
The Polish license is the first regulatory authorization obtained by the company, which is days ahead of its initial coin offering (ICO). The license also came as planned, as the company, in its roadmap, estimated to obtain the Polish registration by the end of the fourth quarter of 2023. The registration in Poland is also strategic as the company aims to expand in the European markets.
“The VASP registration in Poland is a great achievement and a first step in Europe for us, as we anticipate the implementation of the European Regulation on Crypto Assets (MiCA) at the end of 2024,” said Ilies Larbi, the CEO and Founder of Ouinex.
“Embracing regulations is key for Ouinex’s operations and users; we are working hard on securing additional licenses within the EU and internationally.”
A Crypto Platform by FX Executives
Ouinex, co-founded by seven former forex and securities industry executives, was incorporated in 2022 in France, which was chosen strategically to be its European base. Earlier, the company revealed that it will tap the African market as well. Furthermore, its roadmap shows plans of obtaining a BTC provider license in El Salvador.
Over the past two years, the focus of Ouinex has been in fundraising and other partnerships. Last year, it raised $2 million in the pre-sale of its native token. It also partnered with Interactive Trading, a France-based trading academy hosting a community of 150,000 active traders. That strategic partnership extended to an undisclosed investment in Ouinex’s token.
According to the company’s roadmap, it will launch the beta version of its exchange in the ongoing quarter of 2024, along with plans to launch the exchange in the next quarter. It additionally plans to offer crypto derivatives products outside the EU in the third quarter and staking services by the end of the year.
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