OKX management explained that they chose Malta due to its high regulatory standards and strong infrastructure, as well as the team that the exchange has been building in Malta since opening an office there in 2018. OKX management hopes that in the coming months, the exchange will be able to offer cryptocurrency products and services to over 450 million residents of the European Union.
In March 2023, OKX named France as its preferred country for the establishment of a regional hub in Europe. OKX had previously applied for registration with the French Financial Markets Authority (AMF).
MiCA will come into full force on December 30, 2024, allowing cryptocurrency companies to move to EU countries and provide services throughout the EU, as long as they obtain a license in any EU member state. In 2022, the Malta Financial Services Authority (MFSA) announced that it would exclude non-fungible tokens (NFTs) from virtual asset regulation in preparation for MiCA.
OKX recently announced that it would stop providing services to Nigerian traders from August 16 due to regulatory overreach.
Source: Bits
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