- OKX has picked a new hub for MiCA expansion.
- The exchange originally planned to expand in France.
- OKX said it picked the new destination because of its “high regulatory standards.”
Crypto exchange OKX announced Thursday that it has chosen Malta as its Markets in Crypto-Assets (MiCA) regulation hub.
The development marks a change of tack for the company, which said in March last year that France would be its ideal regional hub in Europe. This followed the French regulator’s (AMF) suggestion a month earlier that registered crypto firms could be fast-tracked to MiCA licensing.
OKX Settles for Malta
In a statement dated July 18, OKX crypto exchange said it chose Malta because of its “high regulatory standards” and the “strong infrastructure” and local team it has built in the country since it established an office there in 2018.
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With Malta as its MiCA hub, OKX is keen to offer crypto-related products and services to over 450 million EU residents “in the coming months.”
“This pursuit begins with EU licensing (through MiCA) which will enable us to offer our services to customers in a compliant way, while also providing easy deposit and withdrawal connectivity to local bank accounts,” the statement read.
Per the statement, these crypto services will include buying, selling, converting, staking, and spot trading with support for major currencies, such as EUR and USDC.
The MiCA regulation framework will become fully effective on December 30 this year, allowing crypto companies to passport into EU countries and provide services across the entire region if they secure licensing in any single member nation.
OKX’s crypto entity in Malta, Okcoin Europe Ltd, obtained a Class 4 Virtual Financial Assets (VFA) Service Provider license from the Malta Financial Services Authority (MFSA) in 2021.
Read how OKX lost millions after user accounts were hacked:
OKX Exchange Targets Resolution Post Hack on Users’ Accounts
Stay updated on how OKX responded to the above security incident:
OKX Founder Teases New Upgrades for Preventing ‘Deepfake’ Attacks
