OKX has announced Malta as the hub for its Markets in Crypto-Assets (MiCA) to align with its plans to become the industry-leading exchange in the European Union (EU).
According to a press release published today, Thursday, July 18, 2024, the crypto exchange chose the country because of its stringent regulatory standards and the firm’s existing infrastructure and team.
OKX claimed that Malta is recognized globally for its extensive regulatory approach to the crypto and blockchain industries, and thus, it is a perfect hub from which the exchange can provide its services to customers in Europe.
MiCA is the EU’s regulatory regime for cryptocurrencies and other virtual assets. It introduces a unified, comprehensive, and consistent set of rules for crypto-assets and addresses areas not currently covered by existing financial laws. It was passed into law in May 2023 and partially enacted in June 2023, with full implementation expected by the end of 2024.
Erald Ghoos, OKX Exchange General Manager-Designate, noted the new rules would enable the exchange to “deepen our hiring and investment in Europe in the long-term”.
Meanwhile, since the beginning of 2024, OKX and all its connected companies have taken significant steps towards global expansion.
According to the press release, Okcoin Europe Ltd, the exchange’s local entity, has obtained a Class 4 Virtual Financial Assets (VFA) Service Provider License from the country’s financial watchdog, Malta Financial Services Authority (MFSA) since 2021.
In February, the exchange reportedly rolled out a local trading platform dedicated to Turkish customers. According to the report, the new trading platform will facilitate trading cryptocurrency pairs like USDT/TRY, BTC/TRY, and ETH/TRY for customers in the country. Also, domestic traders can perform transactions directly with local banking partners such as İş Bankası, Şekerbank, VakıfBank, Fibabanka, Ziraat Bankası, Türkiye Finans.
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