As of July 18, OKX, a cryptocurrency exchange, said it had chosen Malta as its Market in Crypto-Assets (MiCA) hub to serve 450 million EU citizens.
Oklahoma City-based OKX said it chose Malta because of its strict rules. By making this strategic move, the exchange will be able to offer services that comply with local laws and make it easy for users to enter and withdraw money from their local bank accounts.
Under the MiCA system, OKX wants to provide spot trading for EUR and USDC pairs and full crypto services that let users buy, sell, convert, and stake popular digital assets.
OKX Selects Malta As Strategic MiCA Hub For EU Expansion
OKX said it picked Malta as its MiCA hub for several reasons, such as the country’s strict business rules. The company says the country is known for having a thorough set of rules for blockchain technology. Because of this, OKX said, it is a great place to start selling its goods in Europe.
In addition, OKX said that the robust infrastructure and local team it has built in the country since 2018 were also important factors in its decision.
The MiCA law already significantly affects how crypto is used in Europe. MiCA is a set of rules that the European Union made to ensure that all of its member states follow the same crypto rules. Last year, the European Parliament passed MiCA, which is now being gradually implemented.
The first part of MiCA, which was meant to help stablecoins, started on June 30. The second part will start in six months. Circle, the company that makes USDC, was the first stablecoin company in the world to follow MiCA on July 1. To ensure it followed the rules set by the European MiCA, the Cardano blockchain also shared its sustainability statistics.
OKX wants to be a big name in Europe’s Ethereum market. To do this, Malta will become the MiCA hub and provide all its users with a wide range of services.
