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New OKX European Hub Will Be Malta To Strictly Comply With MiCA Framework

Key Points:

The OKX European hub is currently moving from France to Malta.
The move supports compliance with the new Markets in Crypto Assets (MiCA) framework in Malta, set to enforce crypto asset service provider licenses across the EU from December.
OKX continues global expansion efforts while addressing regulatory compliance, settling recent issues with Malta’s financial watchdog and aiming to fill key roles in its Maltese operations.

According to CoinDesk, OKX, the world’s second-largest cryptocurrency exchange, is shifting its European hub from France to Malta, aligning with the newly established Markets in Crypto Assets (MiCA) regulatory framework.

OKX European Hub Moved From France to Malta

The move marks a strategic pivot for the exchange, which initially planned France as OKX European hub. It shows Malta’s favorable regulatory environment for crypto operations compared to other European nations.

The MiCA framework, effective December, mandates crypto firms to obtain a Crypto Asset Service Provider (CASP) license from an EU member state. Malta, known for its crypto-friendly regulations and recent updates by the Financial Services Authority (MFSA), has become an attractive jurisdiction for such endeavors.

Global Expansion and Regulatory Compliance

Earlier this year, OKX settled regulatory issues with Malta’s financial watchdog, agreeing to a $329,000 goodwill settlement. Despite this, Malta acknowledges OKX‘s cooperation and remedial actions towards compliance with its standing in the jurisdiction.

The exchange is actively recruiting key positions in Malta, including roles in compliance, operations, and internal audit. Additionally, OKX continues its global expansion, evident in recent ventures like OKX SG in Singapore and OKX.TR tailored for Turkish traders. Thanks to that, the negotiation process to choose Malta as OKX European hub went smoothly.

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.