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OKX, a global crypto exchange and Web3 technology company, has announced plans to establish its Markets in Crypto-Assets (MiCA) hub in Malta. This decision aligns with the company's goal to become a leading crypto-asset exchange in the European Union (EU).
The choice of Malta was made after considering several jurisdictions, with the company citing the country's regulatory standards and OKX's existing infrastructure there as key factors. Malta has been recognized for its regulatory approach to blockchain and cryptocurrency.
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.
The company states it is embracing a regulated model in Europe, focusing on compliance, risk management, and corporate governance. Under the MiCA framework, OKX intends to offer spot trading, including EUR and USDC pairs, as well as buy, sell, convert, and staking services to qualified EU residents through Okcoin Europe Ltd.
The MiCA framework, set to be fully effective on December 30, 2024, will allow crypto-asset exchanges to passport into EU countries and provide services across the EU.
OKX Europe General Manager-Designate Erald Ghoos said: "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. 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."
This development follows OKX's recent expansions into the Netherlands and Türkiye in 2024, where it launched crypto exchange and Web3 wallet services.
