OKEx, one of many largest exchanges on this planet, has introduced plans to maneuver to the European island, Malta. This announcement got here rapidly after an analogous announcement made by Binance, one in all OKEx’s major opponents.
In an try to achieve an understanding of the political local weather round cryptocurrencies in Malta, OKEx’s executives met with the Maltese authorities. Whereas many EU international locations are taking a standoff-ish, if not downright hostile, method to cryptocurrency, Malta – which goals to change into a ‘international pioneer’ for cryptocurrency – has confirmed to be extraordinarily welcoming to crypto and blockchain companies.
— OKEx (@OKEx_) April 12, 2018
Presently, OKEx solely provides crypto to crypto buying and selling together with a futures market. OKEx is at the moment primarily based in Hong Kong, which has most likely made it troublesome for the change to acquire the required licenses to permit for a fiat gateway to be opened in collaboration with banking programs. Nevertheless, some suspect that with the transfer to Malta, that the change will open fiat to crypto buying and selling, which can change into a vital a part of any profitable change within the close to future.
OKEx CEO Chris Lee said:
We stay up for working with the Malta authorities as it’s ahead considering and shares a lot of our similar values: crucial of that are safety of merchants and most people, compliance with Anti Cash Laundering and Know Your Buyer requirements, and recognition of the innovation and significance of continued improvement within the Blockchain ecosystem.
Malta – a World Pioneer for All Issues Crypto
For the reason that rise of the cryptocurrency business, Malta has been regularly open to accepting firms who’re on the lookout for a bit extra wiggle room with regard to rules. On account of this, Malta has established itself because the crypto and blockchain ‘go to’ locale as extra startups and exchanges flock to the nation.
Earlier in 2018, Malta’s authorities introduced their plans for a brand new phase of the federal government known as the Digital Innovation Authority which goals to offer full legitimacy for blockchain and cryptocurrency firms alike.