Fintech
OKX Announces Malta as MiCA Hub in EU – FF News
OKX, a leading global cryptocurrency exchange and Web3 technology company, today announced that Malta will be its Markets in Crypto-Assets (MiCA) hub, in line with its strategy to become the leading cryptocurrency exchange in the European Union (EU).
OKX chose Malta after evaluating multiple jurisdictions for its high regulatory standards and the company’s existing team and robust infrastructure in the country. Malta, known for its forward-thinking and comprehensive regulatory approach to blockchain and cryptocurrency, makes it an ideal base from which OKX can offer its services to EU clients. OKX’s local entity, Okcoin Europe Ltd, has held a Class 4 Virtual Financial Asset Service Provider (VFA) license from the Malta Financial Services Authority (MFSA) since 2021.
OKX believes the future of the cryptocurrency industry is increasingly regulated. The company is adopting a regulated model in Europe: investing in compliance, risk, and corporate governance in our quest to be among the most accessible and trusted cryptocurrency exchanges.
Under the MiCA framework, OKX plans to offer spot trading (including EUR and USDC pairs) as well as buying, selling, converting and staking services to qualified EU residents via Okcoin Europe Ltd. Once fully effective on December 30, 2024, MiCA will enable cryptocurrency exchanges to begin passporting to EU countries and provide services across the EU.
Erald Ghoos, CEO designate of OKX Europe, said: “We have established our MiCA hub in Malta because it will enable us to provide world-class products to a wide range of customers across Europe. These new regulatory standards, which aim to protect users while supporting the sustainable development of the cryptocurrency industry, also allow us to deepen our long-term hiring and investment in Europe. I can think of no better place to establish our MiCA hub than Malta, due to its proven track record of prioritising customer safety and security.”
The establishment of its MiCA hub in Malta represents another important milestone in OKX’s growth, following the recent launch of its cryptocurrency exchange and Web3 wallet in the Netherlands and Turkey in 2024.
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