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In order to comply with the MiCA Act, OKX decided to abandon France and choose Malta as its base for development in the EU

2024/07/12 12:32

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OKX, the world's second-largest cryptocurrency exchange, plans to establish Malta as its European hub, moving away from its initial preference for France.

Despite registering with France's financial regulator, Autorité des marchés financiers (AMF), OKX has opted for Malta due to its more lenient compliance environment. However, such leniency might not be favourable for long-term EU aspirations in the crypto sector.

Malta has become a favorable location for crypto companies

The shift to Malta aligns with preparations for the Markets in Crypto Assets (MiCA) regulatory framework. MiCA requires firms to obtain a crypto asset service provider (CASP) license to operate across the EU, necessitating a physical presence and some business activities within the chosen nation.

Malta has become a favourable location for crypto companies, updating its rules through the Malta Financial Services Authority (MFSA) to comply with upcoming MiCA regulations. This island nation has also welcomed various gaming and investment firms, bolstering its reputation as a crypto-friendly jurisdiction.

OKX is preparing personnel

OKX is currently hiring for several high-profile roles in Malta, including head of compliance, operations lead, and head of internal audit. Earlier this year, the exchange settled with the Maltese financial watchdog for €304,000 ($329,000) over regulatory issues.

Conclusion

OKX is transitioning its European hub from France to Malta to align with the upcoming MiCA regulations, citing Malta's more lenient compliance environment. The move is part of broader efforts to secure a CASP license and establish a robust presence in the EU's evolving crypto landscape.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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