The world’s second-largest cryptocurrency exchange, OKX, has reportedly chosen Malta as its European hub. This decision comes as OKX seeks to navigate the recently implemented Markets in Crypto-Assets (MiCA) regulations established by the European Union.
According to sources familiar with the matter, OKX initially targeted France for its European base. However, recent reports suggest that Malta’s regulatory environment proved more favorable. “Compliance in Malta is way more lenient,” said an individual with knowledge of OKX’s EU strategy.
While establishing a European foothold, OKX is also mindful of maintaining a positive reputation. “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,” the source added.
OKX’s decision reflects the ongoing conversation surrounding cryptocurrency regulations. While MiCA provides a framework for crypto oversight within the EU, individual member states have some discretion in how they implement these regulations. OKX views Malta’s approach to MiCA as a smoother path towards compliance.
This news comes just months after OKX announced plans to hire roughly 100 employees in France over the next three years. The exchange remains committed to a presence in France, though the focus may shift away from serving as the central European hub.
Only time will tell how OKX’s strategy of using Malta as its EU base plays out. The cryptocurrency landscape continues to evolve, and regulatory environments are likely to adapt.
