To become a globally renowned crypto exchange, a firm must have a presence in the EU. Especially as, according to research from triple-a.io, the crypto payments institution, there are over 44 million crypto users in the region. However, exchanges operating within the EU must now comply with the Markets in Crypto-Assets (MiCA) regulation which involves having a hub approved by the European Union.
To continue serving European customers, OKX, the global crypto exchange and web3 tech company, headquartered in Victoria, Seychelles has selected Malta to act as its MiCA-approved hub. This selection was made after evaluating several jurisdictions. Malta stood out due to its high regulatory standards and the company’s existing team and strong infrastructure in the country.
Known for its forward-thinking and comprehensive regulatory approach to blockchain and cryptocurrency, Malta is an ideal base from which OKX can offer its services to EU customers. OKX’s local entity, Okcoin Europe Ltd, has held a Class 4 Virtual Financial Assets (VFA) Service Provider Licence from the Malta Financial Services Authority (MFSA) since 2021.
Exploring a regulated crypto future
OKX believes the future of the crypto industry is increasingly regulated. The company is embracing a regulated model in Europe: investing in compliance, risk and corporate governance in our pursuit to be among the most accessible and trusted crypto venues.
Under the MiCA framework, OKX plans to offer spot trading (including EUR and USDC pairs) in addition to buy, sell, convert and staking services to qualified EU residents through Okcoin Europe Ltd. Once fully effective on December 30, 2024, MiCA will allow crypto-asset exchanges to begin to passport into EU countries and provide services across the EU.
The establishment of its MiCA hub in Malta is another important milestone in OKX’s growth, following its recent crypto exchange and Web3 wallet launches in the Netherlands and Türkiye in 2024.
OKX Europe general manager-designate Erald Ghoos said: “We’ve established our MiCA hub in Malta because it will enable us to provide world-class products to a diverse range of customers across Europe. These new regulatory standards, which aim to protect users while supporting the sustainable development of the crypto industry, also enable us to deepen our hiring and investment in Europe in the long-term. I can think of no better place to establish our MiCA hub than Malta due to its track record of prioritizing customer safety and security.”
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