CoinEx, a global cryptocurrency exchange, has recently announced that it has obtained authorization as a Virtual Assets Service Provider (VASP) in Poland. This development is anticipated to strengthen CoinEx's standing within the European cryptocurrency market.

VASP Authorization in Poland for the European Crypto Market

This represents a stride in CoinEx's strategic expansion efforts within Europe. The company acknowledges the vast potential inherent in the European cryptocurrency market and remains focused on furnishing a secure and user-friendly trading environment for investors and traders alike.

Haipo Yang, CoinEx's CEO, commented: "Obtaining the VASP registration in Poland is a testament to our unwavering dedication to providing a secure and regulated trading environment for our users. We are thrilled to expand our operations in Europe. This achievement reinforces our commitment to driving the global adoption of cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and fostering the growth of the digital asset ecosystem."

CoinEx has received VASP registration in Poland, marking a significant step in expanding its European presence. The move is set to enhance the exchange's credibility and increase market reach by May 2024.

— Markets News (@MarketsDotNews) May 13, 2024

CoinEx, established in 2017, is a global cryptocurrency exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term focused on facilitating trading with a variety of services for over 5 million users across 200 countries and regions. The firm has listed over 1,000 tokens and more than 1,400 trading pairs, enabling users to access a wide range of cryptocurrencies.

Aligning with EU MiCA Regulation for Cryptocurrency

Meanwhile, Poland's cryptocurrency market faces increased oversight with the impending adoption of the European Union's Markets in Crypto-Assets regulation into domestic law, as reported by Finance Magnates.

The proposed legislation grants the Komisja Nadzoru Finansowego new powers, including the ability to freeze cryptocurrency accounts for up to 96 hours on suspicion of criminal activity, extendable to six months with prosecutorial consent. However, concerns arise among investors regarding the lack of clarity surrounding the grounds for account freezes, potentially leading to uncertainty and misuse of regulatory authority.