Crypto exchange OKEx announces plans to expand into Malta, citing the country's Blockchain ecosystem development
Malta, which has recently passed regulatory legislation concerning Blockchain, cryptocurrencies, and Initial Coin Offerings (ICO) in a bid to become a crypto-friendly “Blockchain island,” is welcoming major crypto exchange OKEx to the country, according to an OKEx press release published today, April 12.
Crypto exchange Binance, the world’s largest exchange by trade volume, also reported at the end of March that they were planning on opening at office in Malta, after receiving a warning from Japanese regulators. Crypto trader and Twitter personÐ° WhalePanda tweeted the news of OKEx’s Malta move earlier today, writing that Malta is “getting crowded”:
As part of their plan to attract Blockchain and crypto-related business to the country, Malta released a document in February entitled, “Malta - A leader in DLT Regulation,” as well as proposed the establishment of several regulation-supporting organizations, like the Malta Digital Innovation Authority Bill and the Virtual Currencies Bill.
OKEx writes in their press release that after meeting with Maltese regulators about the regulatory crypto framework, they are “confident in the Malta government’s approach and decided to make Malta a foundation for further OKEx growth.”
OKEx CEO Chris Lee stated:
“We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem.”
OKEx is the number two ranked cryptocurrency exchange by 24 hour trading volume on CoinMarketCap, currently trading around $1.6 bln over a 24 hour period.