TLDR
- Pi Network filed a MiCA-compliant whitepaper to enable EU-regulated listing on OKX Europe.
- The filing was made on November 19, 2025, and is under MiCA due diligence.
- Analysts estimate a 60–80% chance of listing approval post-compliance check.
- Pi’s non-ICO model and KYC-verified user base increase regulatory alignment.
Pi Network has taken a major step toward public trading by submitting a MiCA-compliant whitepaper, aiming for a regulated listing on OKX Europe. This move signals the project’s shift from a closed mainnet to open-market trading under EU law. With over 60 million KYC-verified users and a non-ICO model, Pi’s alignment with MiCA boosts its chances for approval, drawing attention from both retail users and institutional observers.
MiCA Whitepaper Filing for EU Listing Review
Pi Network has officially submitted a MiCA-compliant whitepaper to initiate the process of listing on OKX Europe. The filing, completed on November 19, 2025, aims to align the Pi token with the Markets in Crypto-Assets (MiCA) regulation for digital asset offerings across the European Union.
The whitepaper includes key details about Pi Network’s structure, including its non-custodial model and no ICO launch history. This approach eliminates the need for retroactive audits of token sales, simplifying the compliance process. Pi Network has emphasized its commitment to offering a fully regulated digital asset under EU frameworks, which could make it more favorable for listing approvals.
OKX Europe Under MiCA Due Diligence
OKX Europe, licensed under the MiCA framework as a Virtual Asset Service Provider (VASP), is now reviewing Pi Network’s submission. The listing review will follow MiCA protocols, including evaluation of compliance, user protection mechanisms, and project disclosures.
According to analysts monitoring the listing process, the probability of OKX Europe approving Pi Network’s listing ranges from 60 to 80 percent. The whitepaper aligns with MiCA’s priority areas such as user protection, traceable wallet models, and clear token classification. The presence of more than 60 million KYC-verified users is viewed as an advantage during the compliance evaluation.
An industry researcher noted, “Pi’s model has no ICO, a strong KYC framework, and offers real transaction data. These are all favorable in the eyes of MiCA-aligned exchanges.”
Market Price Discovery and GCV Expectation
While the regulatory listing process is progressing, analysts caution that the Pi token is unlikely to be listed at its internal community-assigned value of $314,159, also known as Global Consensus Value (GCV). The listing price will be determined through order books, liquidity, and supply-demand activity at the time of launch.
The chance of OKX listing Pi at GCV is considered low, at around 5 to 15 percent. Market-based price discovery often starts with volatility and speculative trading, especially for new tokens. Analysts indicate that the only way GCV could appear as a reference is if it is accepted as a benchmark in the whitepaper and acknowledged by the exchange, which has an estimated chance of 30 to 45 percent.
Long-Term Market Behavior and Pi Ecosystem
There is a higher estimated probability, between 20 and 40 percent, that Pi’s market price could gradually move toward GCV over time. This would depend on ecosystem growth, increased external demand, and the continued use of Pi in real-world barter transactions.
Pi Network has documented over 20 million internal transactions using GCV, which might provide a basis for some price anchoring in the future.
Market observers note that Pi’s MiCA classification as a payments token could aid in building confidence among users and institutions. However, future value will depend on liquidity, utility, and adoption beyond the core user base.
Regulatory Framework and Pi’s Future Positioning
The MiCA whitepaper filing is Pi Network’s first step toward entering a regulated, open-market trading environment. If approved, the listing on OKX Europe would be Pi’s entry into an EU-compliant trading platform. It also signifies a shift from Pi Network’s closed mainnet phase to a broader economic model involving regulated exchange support.
MiCA rules allow tokens to define internal benchmarks, but final pricing is still determined by the market. OKX Europe’s decision is expected in the coming weeks, following standard regulatory due diligence.
