Malta named as EU MiCA hub for OKX

CRYPTO exchange OKX has revealed its Markets in Crypto-Assets (MiCA) hub is to be based in Malta.

The Mediterranean republic has been a crypto friendly nation for the last seven years after its government began welcoming blockchain and digital asset industries.

After evaluating several jurisdictions, OKX says it chose the the former UK dependency because of its high regulatory standards and the company's existing team and strong infrastructure already on the island.

Malta, known for its forward-thinking and comprehensive regulatory approach to blockchain and cryptocurrency, made it an attractive 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 License from the Malta Financial Services Authority (MFSA) since 2021.

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.

"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," explained Erald Ghoos, OKX Europe General Manager-Designate.

"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."