Okcoin receives regulatory approval in Malta and the Netherlands

The Okcoin cryptocurrency trade might quickly open additional to crypto merchants in Malta and the Netherlands after approval from main regulators.

In an announcement on Thursday, Okcoin stated it had secured formal registration with the central financial institution in the Netherlands and “in principle” approval for a digital monetary asset license from Malta Financial Services. In addition, the trade has obtained a remittance license for the US territory of Puerto Rico.

Regulatory requirements in Europe are a part of Okcoin’s plan to work with native banks and cost suppliers to scale back regulatory threat and make it straightforward for purchasers to purchase cryptocurrencies utilizing Euros. The trade has been providing crypto-to-cryptocurrency trading with residence in the Netherlands since 2018 and registered with the nation’s central financial institution as a cash service supplier in May 2020.

“With these licenses we will further expand our presence in Europe and add payment systems and banking partnerships,” stated Okcoin CEO Hong Fang. “Europe is a big focus of our global growth plans and we have added nearly 25 team members by 2021 to better serve our customers in that region.”

Founded in 2013, Okcoin is certainly one of the oldest cryptocurrency exchanges in the world and has steadily expanded to serve prospects in over 185 nations. Although its headquarters are in the US, Okcoin moved to Singapore final yr after getting regulatory approval in Japan as properly.

Related: The OKCoin cryptocurrency trade accesses the FIS subsidiary Worldpay to handle the world enlargement

Many crypto and blockchain corporations have settled in Malta in the hope that the nation could have favorable laws inside an EU member state. In the Netherlands, nevertheless, officers final month known as for a whole ban on Bitcoin mining, trading or holding.