The crypto trade is rising underneath stricter guidelines as main exchanges form the subsequent cycle round licenses and merchandise constructed to resist regulatory scrutiny.
Fairly than chasing explosive progress via speculative listings and high-leverage buying and selling, the main target in 2026 is shifting to stronger foundations, resembling tightening fiat currencies, compliant derivatives in additional jurisdictions, and constructing stablecoins and tokenization rails.
Cointelegraph spoke with Haider Rafique, International Managing Companion at OKX, to learn how main exchanges are making ready for the yr forward.
OKX has demonstrated ambitions to dominate the sanctioned onshore crypto market. Supply: Haider Rafiq
The change has a footprint within the nation
Rafiq stated OKX has already accomplished the troublesome a part of getting the regulatory inexperienced gentle to function in nearly all of the areas the corporate is serious about.
“We anticipate continued regulatory readability in 2026,” he stated, “primarily in the US and hopefully in different components of Europe as nicely.” This can permit OKX to carry extra derivatives franchises “on land”.
The change presently operates licensing companies throughout the European Union (EU) from its hub in Malta underneath the Markets in Crypto Property (MiCA) license. It’s also licensed in Dubai, operates a registered entity in Australia, operates a central bank-approved funds enterprise in Singapore, and operates a US platform licensed as a cash transmitter in most states.
Associated: OKX studies a rise in transactions after getting into the US and EU
It additionally maintains regionally compliant operations in markets resembling Brazil and Turkey, making it, in Rafique’s phrases, “in all probability probably the most licensed change of our dimension on this planet.”
It is a daring declare, as OKX just isn’t the one change that has been buying licenses lately.
Coinbase holds dozens of licenses and registrations throughout 45 U.S. states and a number of worldwide jurisdictions, and in June secured an EU-wide MiCA license in Luxembourg.
Bybit additionally has MiCA authorization by way of Austria and consent from the United Arab Emirates Securities and Commodities Authority. Binance’s license listing contains 20 licenses and registrations in numerous jurisdictions.
Rafiq stated OKX’s job in 2026 is to make sure licensing success via localized, “tweaked” merchandise and statutory implementation.
Stablecoins as a brand new money leg
OKX’s first large structural guess in 2026 will likely be a stablecoin. The worldwide stablecoin market capitalization has risen to roughly $310 billion by 2025, led by Tether’s USDT and USDC.
Rafiq claimed that exchanges are secretly turning stablecoins into high-yielding monetary merchandise.
“In case you put your cash in a financial institution, you are going to lose anyplace from 8% to 40% in a excessive inflation market,” he stated, including that capital additionally must be locked in. In distinction, stablecoins permit customers to retailer their cryptocurrencies and earn income with out lockups.
Associated: Binance secures ADGM license to function worldwide platform
As benchmark rates of interest rise into the mid-single digits, yields on high-yielding stablecoins and concentrated “revenue” merchandise have additionally settled within the roughly 4%-8% vary, moderately than the double-digit payouts seen in earlier cycles.
For instance, Paxos’ USDL began in 2024 with an annual yield of round 5%, whereas main exchanges resembling Kraken and OKX are providing the market round 5% rewards on idle USDT and USDC balances.
In keeping with Coin Metrics, stablecoin balances on exchanges rose to report or near-record ranges in 2025, highlighting the shift to yield-plus liquidity merchandise.
Nonetheless, S&P International warned in a 2023 research that stablecoins are usually not with out threat, as they might be susceptible to depegging. Tokens are additionally “topic to market volatility, market confidence and adoption, expertise threat, provide and demand, and market liquidity.”
Perceive the basis explanation for Depeg occasions | Supply: S&P International
Elsewhere, the European Central Financial institution has warned that stablecoins pose a threat to international monetary stability, doubtlessly drawing retail deposits away from euro zone banks and triggering the sale of reserve belongings.
Tokenization, RWA, and the 2026 product slate
Past stablecoins, exchanges are making ready for a wave of tokenization of actual world belongings (RWA). The marketplace for on-chain tokenized belongings will develop from lower than $10 billion in 2022 to greater than $19 billion in 2025, and is predicted to succeed in $5 trillion by 2030, in line with 21.co analysis.
The RWA market began attracting sustained curiosity from institutional traders in 2025. supply: RWA.xyz
Rafiq stated RWA is “in its very early levels” and is awaiting regulatory readability on whether or not tokenized belongings qualify as utilities or securities. As soon as this distinction is obvious, “corporations will take it critically,” and commodities, shares, and metals like gold and silver will likely be introduced on-chain, wrapped, and made out there for buying and selling on exchanges.
A survey by a16z discovered that almost half of Gen Z and Millennials within the US presently personal or have traded cryptocurrencies up to now yr, and for a lot of younger traders, digital belongings are the equal of direct inventory possession.
For Rafiq, that’s the reason tokenized shares and RWA belong on change apps. They’re bringing conventional belongings to venues that younger customers already deal with as a significant market.
Constructing a much less explosive Bitcoin
Underpinning OKX’s technique is a extra sober view of Bitcoin’s (BTC) future as its main indicators transfer from hype to macroeconomic drive. Rafiq stated BTC is more and more tied to U.S. Treasury yields, rate of interest expectations, and fairness correlation.
When requested to foretell the value of Bitcoin in 2026, he stated, “In contrast to different individuals, I am not one to provide you with actually disagreeable numbers.”
His bear marketplace for Bitcoin is round $90,000, however might rise to the $150,000 to $200,000 vary if rates of interest ease and liquidity returns. He dismissed the “excessive bull market” as reckless optimism that misleads retail traders.
“We do not need individuals to lose their shirts,” he says.
This view defines OKX’s product lens for the approaching yr, treating cryptocurrencies not as a once-in-a-lifetime lottery ticket, however as a core macro asset that drives secure spot, derivatives, and RWA flows throughout newly licensed markets.
