OKX has made Malta its European hub in order to comply with the new MiCA regulations, changing its initial strategy which targeted France.
OKX is looking to fill key positions in Malta, including the compliance officer, operations manager, and internal audit chief.
MiCA requires crypto companies to obtain a CASP license and maintain a physical presence in the EU to operate legally in the bloc.
OKX, a major crypto exchange, has decided to make Malta its European hub to comply with the new regulatory framework for crypto-assets markets (MiCA) of the European Union.
This decision marks a change in strategy for OKX, which had initially chosen France as its preferred European base in May 2023. According to sources close to the matter, compliance in Malta is much more flexible, a reputation that crypto players often try to avoid in Europe.
Compliance in Malta is much more flexible, and that’s not the label you want when you’re in crypto and trying to establish yourself in the EU.
A person involved in OKX’s European regulatory efforts
Key positions to fill at OKX
OKX is looking to fill several high-level positions in Malta, including the compliance officer, operations manager, and internal audit chief. This decision comes as companies prepare to comply with MiCA rules, which require companies to obtain a license as a crypto asset service provider (CASP) in an EU country to operate across the bloc.
To obtain this license, companies must have a physical presence in the country, conduct activities there, and already be registered.
Regulatory context
MiCA, a comprehensive regulatory framework for crypto assets in the EU, requires companies to comply with strict requirements in order to operate legally. While stablecoin rules are already in place, the rest of the regulations will come into effect in December.
Malta, known for hosting many gaming companies and a few investment firms, has recently updated its regulations for crypto companies to align with the upcoming MiCA regime. In 2023, the Malta Financial Services Authority (MFSA) adjusted its regulations to accommodate MiCA requirements.
Although compliance in Malta is perceived as more lenient, OKX seems to be banking on the opportunities offered by this jurisdiction to establish a strong presence in Europe. Choosing Malta could provide OKX with a more favorable regulatory environment while allowing the company to comply with MiCA standards. On the other hand, the registration of OKX’s French branch with the Autorité des Marchés Financiers (AMF) since December shows the company’s commitment to maintaining a regulated presence in multiple jurisdictions.
