Regulation
OKX Selects Malta as MiCA Hub for EU Crypto Compliance with Plans to Add EUR and USDC Trading Pairs
After successful completion launch OKX, a leading global crypto exchange and Web3 technology company, has launched its crypto exchange and Web3 wallet in Argentina and Turkey earlier this year. now focuses on Malta as the main hub for monitoring the European Union’s MiCA rules.
We are customer focused and committed to regulation.
As part of this philosophy, we are delighted to announce that Malta will be our MiCA base in the EU.
Through MiCA, we aim to serve millions of Europeans within a single regulatory framework.
More: https://t.co/m4KAzdiirp pic.twitter.com/jbOusgoA06
— OKX (@okx) July 18, 2024
The move, which aligns with OKX’s plans to launch Euro (EUR) and USD Coin (USDC) trading pairs – expanding its footprint in the regulated European market – also advances the company’s agenda to become the leading crypto exchange in the European Union (EU) in record time.
The MiCA framework and OKX’s ambitious projects
As part of its growth, OKX will use MiCA rules to offer European Union (EU) users a full range of services from Malta. This includes spot trading for eligible EU individuals. They will be able to trade using the euro (EUR) and USDC, a stablecoin pegged to the US dollar. These trading options make it easier and more convenient for European traders to do their job.
Aside from spot trading, OKX will allow users to buy, sell, and trade cryptocurrencies easily. They also plan to offer staking services. This means that users can earn rewards by holding and supporting certain cryptocurrencies on OKX’s platform. This helps ensure the security of the network and make decisions about it, while also earning extra money.
Why Malta?
OKX chose Malta because of its favorable crypto rules. Nicknamed “the blockchain island,” Malta is a great location for blockchain and crypto businesses due to its clear rules and good tax benefits.
By setting up its MiCA hub in Malta, OKX can enter the EU market while meet regulatory requirements. Okcoin Europe Ltd, the local entity of OKX, has had a Class 4 Virtual Financial Asset (VFA) Service Provider License from the Malta Financial Services Authority (MFSA) since 2021. This demonstrates OKX’s belief in a more regulated future for the crypto industry and its commitment to compliance and user trust.
Erald Ghoos, the designated CEO of OKX Europe, is optimistic about the move. He said: “We established our MiCA hub in Malta because it will enable us to provide world-class products to a diverse range of clients across Europe.” He stressed the importance of new regulatory standards to protect users and support the sustainable growth of the cryptocurrency sector.
OKX chose Malta as the main venue for MiCA because it is thinking about the future. The MiCA law will come into full force on December 30 this year.OKX is ready to become the leader of the European cryptocurrency market. EU traders and investors can expect a safe and easy-to-use platform that complies with all important rules.