OKX Chooses Malta as MiCA Hub for EU Crypto Compliance With Plans to Add EUR and USDC Trading Pairs

After successfully launching its crypto exchange and Web3 wallet in Argentina and Türkiye earlier this year, OKX, a leading global crypto exchange, and Web3 tech company, is now focusing on Malta as its main hub to follow the European Union’s MiCA rules.

We're customer-focused & committed to regulation.

As part of this ethos, we're excited to announce that Malta will be our MiCA base in EU.

Through MiCA, we look forward to serving millions of Europeans under one regulatory framework.

More: https://t.co/m4KAzdiirp pic.twitter.com/jbOusgoA06

— OKX (@okx) July 18, 2024

This shift, which aligns with OKX’s plan to launch Euro (EUR) and USD Coin (USDC) trading pairs — expanding its footprint in the regulated European market — also pushes forward the company’s agenda to become the leading crypto-asset exchange in the European Union (EU) in record time.

The MiCA Framework and OKX’s Ambitious Plans

As part of its growth, OKX will use the MiCA rules to give European Union (EU) users a full range of services from Malta. This includes spot trading for those in the EU who are eligible. They’ll be able to trade using Euros (EUR) and USDC, a stablecoin linked to the US dollar. These trading options make it easier and more convenient for European traders.

Besides spot trading, OKX will allow users to buy, sell, and swap cryptocurrencies easily. They also plan to offer staking services. This means users can earn rewards by holding and supporting certain cryptocurrencies on OKX’s platform. This helps keep the network safe and makes decisions about it, all while earning extra money.

Why Malta?

OKX chose Malta because of its friendly crypto rules. Known as “Blockchain Island,” Malta is an excellent place for blockchain and crypto companies because of its clear rules and good tax benefits.

By setting up its MiCA hub in Malta, OKX can enter the EU market while meeting regulatory requirements. Okcoin Europe Ltd, OKX’s local entity, has had a Class 4 Virtual Financial Assets (VFA) Service Provider License from the Malta Financial Services Authority (MFSA) since 2021. This shows OKX’s belief in a more regulated future for the crypto industry and its commitment to compliance and user trust.

Erald Ghoos, the General Manager-Designate of OKX Europe, is optimistic about this move. He 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.” He stressed the importance of new regulatory standards in protecting users and supporting the crypto industry’s sustainable growth.
OKX picked Malta as its main place for MiCA because it’s thinking ahead. With MiCA taking full effect on December 30 this year, OKX is prepared to lead the European crypto market. EU traders and investors can look forward to a safe and easy-to-use platform that follows all the important rules.