OKX selects Malta as strategic hub for MiCA expansion
Leading cryptocurrency exchange OKX? has announced its decision to establish its Markets in Crypto-Assets (MiCA) regulatory hub in Malta. This decision marks a shift from the company’s earlier plan to expand in France, positioning Malta as the new epicentre? for its European operations.
The announcement came on 18 July, with OKX citing Malta’s “high regulatory standards” and the robust infrastructure it has developed since setting up an office in the country in 2018 as key factors influencing its decision. This move is seen as a response to the upcoming full implementation of the MiCA regulation framework on December 30 this year.
Previously, in March last year, OKX had expressed its preference for France as its regional hub in Europe. This was following a suggestion by the French regulator (AMF) that registered crypto firms could be fast-tracked to MiCA licensing. However, the recent announcement indicates a change in strategy.
With Malta now serving as its MiCA hub, OKX aims to offer a range of crypto-related products and services to over 450 million EU residents in the near future. The company’s pursuit of EU licensing through MiCA will enable it to offer these services in a compliant manner, while also facilitating easy deposit and withdrawal connectivity to local bank accounts.
The services that OKX plans to offer include buying, selling, converting, staking, and spot trading, with support for major currencies such as EUR and USDC. The implementation of the MiCA regulation framework will allow crypto companies like OKX to provide services across the entire EU region if they secure licensing in any single member nation. This strategic move by OKX underscores the company’s commitment to regulatory compliance and its ambition to expand its footprint in the European market.
Malta as a MICA hub
Malta, renowned for its progressive and comprehensive approach to blockchain and cryptocurrency, has been selected by OKX, a prominent global crypto exchange, as its hub for Markets in Crypto-Assets (MiCA) compliance within the European Union.
OKX’s decision to establish its MiCA hub in Malta is a strategic move to ensure regulatory compliance in the EU. The company is leveraging its existing VFA Class 4 license and infrastructure in the country, which it has maintained since 2021. This decision highlights Malta’s high regulatory standards and the robust infrastructure that OKX has developed since establishing an office in the country.
The MiCA regulation framework, set to become fully effective on December 30, 2024, will standardize crypto regulation across all EU member states. This allows crypto-asset exchanges like OKX to passport into EU countries and provide services across the EU, once they secure licensing in any single member nation.
With Malta as its MiCA hub, OKX plans to offer a variety of crypto-related services, including spot trading with support for major currencies such as EUR and USDC. This strategic move underscores Malta’s growing significance as a hub for crypto exchanges seeking MiCA compliance.
