Cryptocurrency exchange OKX has named Malta as its Markets in Crypto Assets (MiCA) hub in order to fall in line with the European Union’s regulations.
Under the MiCA framework, OKX intends to offer spot trading of various cryptocurrencies and stablecoins that are MiCA approved – such as Circle’s EURC and USDC which was recently approved after the issuer recently received clearance in France.
European users will be able to access OKX to buy, sell, convert, and access staking services through Okcoin Europe. Once fully effective on 30 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 prioritising customer safety and security.”
OKX reveals it chose Malta after evaluating several jurisdictions because of its high regulatory standards and the company’s existing team and strong infrastructure in the country.
OKX’s local entity, Okcoin Europe, has held a Class 4 Virtual Financial Assets (VFA) Service Provider License from the Malta Financial Services Authority (MFSA) since 2021.
The establishment of its MiCA hub in Malta represents further growth in Europe for OKX, following its recent crypto exchange and Web3 wallet launches in the Netherlands and Türkiye in 2024.