Well-known crypto exchange OKX has picked Malta as its European Union MiCA hub. In a Thursday press release, the exchange said it chose Malta above other jurisdictions due to its “forward-thinking” approach and soft regulatory stance towards crypto and blockchain technologies.
Fully known as the markets in-crypto assets regulation, MiCA stands out as a framework that clearly defines cryptocurrencies, how they are regulated and who can regulate them in European-based countries. It establishes a standard regulatory environment for crypto businesses and players in the EU. OKX, in its post, said it is prepared for the full implementation of the regulatory standards.
According to reports, MiCA will be fully implemented from December 30, 2024. Aligning with the framework, OKX says it will offer spot trading, spanning EUR and USDC pairs. More so, the exchange plans to provide buying, selling, and staking services to eligible residents in European countries through its Malta entity. Don’t forget that MiCA empowers crypto trading platforms to dive into any EU countries and offer services across the whole region in compliance with laid-down rules.
Sharing more insights into the development, the company’s Europe General Manager-Designate Erald Ghoos said Malta remains a top choice for OKX due to its existing infrastructure and personnel in the Mediterranean island. Ghoos says the jurisdiction has what it takes to enable OKX provide world-class crypto trading products to its customers. The exec also spoke about MiCA and how it can protect users while enhancing the growth of the crypto economy.
OKX got Malta license in 2021
Meanwhile, recall that OKX, as part of its expansion plan, secured a regulatory license in Malta around 2021. The license was issued to the exchange’s local entity, Okcoin Europe by the Malta Financial Services Authority. Then, OKX described Malta as a reliable environment to deepen its investment and growth in Europe. According to the exchange, Malta boasts a well-established track-record of guaranteeing users’ safety.
Finally, OKX assures customers of its commitment to focus on compliance by operating a regulated mechanism in Europe.
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