Third-largest cryptocurrency exchange OKX selects Malta as its MiCA hub

OKX, the third-largest cryptocurrency exchange by daily trading volume, on Thursday announced that it has selected Malta as its Markets in Crypto-Assets hub, in line with its strategy to become the leading crypto-asset exchange in the EU.

The Web3 technology company chose Malta after evaluating several jurisdictions. It had shortlisted the island and France, going for the former in its final decision. In a company announcement, OKX said Malta was chosen due to its regulatory standards and the company’s existing team and strong infrastructure in the country.

It said that Malta is known for its forward-thinking and comprehensive regulatory approach to blockchain and cryptocurrency. Indeed, the island was one of the first in Europe to introduce the Virtual Financial Assets act, which was approved by the country’s lawmakers in November 2018.

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.

OKX believes the future of the crypto industry is increasingly regulated. The company is embracing a regulated model in Europe: investing in compliance, risk and corporate governance in our pursuit to be among the most accessible and trusted crypto venues.

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 30th December 2024, MiCA will allow crypto-asset exchanges to begin 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."

The establishment of its MiCA hub in Malta is another important milestone in OKX's growth, following its recent crypto exchange and Web3 wallet launches in the Netherlands and Türkiye in 2024.