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OKX Picks Malta Over France as Europe Hub to Comply With EU's MiCA Crypto Rules: Sources
By Ian Allison,
2024-07-11
OKX plans to use Malta as its European Union hub to comply with the region's new MiCA regulation; previously, it had targeted France for this.
"Compliance in Malta is way more lenient, and that's not the tag you want to have when you're in crypto and trying to make it in the EU," said a person with direct knowledge of OKX's European regulatory efforts.
The cryptocurrency exchange is looking to fill several high-profile roles in Malta, including head of compliance, operations lead and head of internal audit.
OKX, the world's second-largest cryptocurrency exchange, plans to make the Mediterranean island of Malta its European hub and base for compliance with the newly arrived Markets in Crypto assets (MiCA) regulatory framework, according to two people familiar with the matter.
It's a change of tack for OKX, which said in May of last year that France would be its preferred European Union hub. OKX's France arm has been registered with France's financial regulator Autorité des marchés financiers (AMF) since December .
"Compliance in Malta is way more lenient, and that's not the tag you want to have when you're in crypto and trying to make it in the EU," said a person with direct knowledge of OKX's European regulatory efforts.
First, firms need to have a physical presence in that nation, carry out some business in the country and already be registered to get the CASP license. MiCA's stablecoin rules are already in place but the rest of the rules will come through in December.
Malta, which is home to many gaming companies and some investment firms, has embraced crypto in recent years. In late 2023, Malta's Financial Services Authority (MFSA) updated its rules for crypto companies to fall in line with the oncoming MiCA regime .
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