OKEx – another prominent cryptocurrency exchange relocating to Malta
OKEx was founded in 2014 and hosts its offices in Hong Kong. It is considered as one of the top digital asset exchanges by trading volume, ranked No.4 on Coinmarketcap.com and serving millions of users in over 100 countries,
The leading digital asset exchange has announced on its website that the company “has decided to make Malta a foundation for further OKEx growth,” following an open-minded dialogue with the Maltese government. After encountering various regulatory difficulties from jurisdictions such as the U.S and India, the crypto-exchange set its eyes on Malta, which Chris Lee, CEO of OKEx, considers as “forward-thinking’, recognises innovation and the “importance of continued development in the Blockchain ecosystem”. Tim Byun, Chief Risk Officer of OKEx, further accentuates how “Malta’s Virtual Financial Asset Act is a solid foundation for the industry and the government to work together in fostering the nascent blockchain/digital asset industry.”
Malta, the global trailblazers in Fintech, RegTech and DLT technology regulation
In reaction to the news, Maltese Prime Minister Joseph Muscat welcomed OKEx to Malta and reaffirmed Malta’s stance to become the “jurisdiction of choice for Distributed Ledger Technology companies in the European Union and globally.” Parliamentary Secretary Silvio Schembri highlighted that the Government’s efforts are now coming to fruition as Malta is at the “forefront in launching a regulatory framework”, already attracting the biggest names in the industry, and emphasised that “other companies will soon establish their operations in Malta.”
The next challenge: Malta Blockchain
Malta is making leaps in DLT and virtual currency regulations and making a name for itself as it had done a decade and a half ago with the iGaming industry. As noted by Prime Minister Muscat, the next challenge shall be to attract enough employees and to provide opportunities and training to those who wish to work in this burgeoning sector.
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At Chetcuti Cauchi Advocates, we welcome the innovations which the financial services sector is currently undergoing, and seek to provide bespoke solutions to our clients by fusing together traditional legal notions with new technologies.
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