OKX changes the choice of European headquarters from France to Malta! People familiar with the matter: MiCA's entry into force is the main reason

This site (120btC.coM): Coindesk reported that the cryptocurrency exchange OKX originally planned to choose France as the European compliance venue, but it has now been pointed out that it has changed to Malta. The move is said to be due to the region’s more relaxed regulatory compliance with the EU’s Crypto-Asset Market Act (MiCA), which has just officially come into effect.

OKX changed the choice of European headquarters from France to Malta

According to people familiar with the matter quoted by Coindesk, OKX has chosen the Mediterranean island of Malta as the regulatory landing area instead of France as previously mentioned.

He revealed that OKX is recruiting for a number of executive-level positions that will be dedicated to the Malta region: The exchange is looking for several senior positions in Malta, including head of compliance, head of operations and head of internal audit.

In May last year, both OKX and Binance stated that France would be their preferred European registration location, and revealed that they would hire approximately 30 full-time employees within the first year: OKX’s French branch established a new financial institution in France at the end of December. Registered with the Authority for Market Regulation (AMF).

It is reported that France and its AMF have stricter compliance standards, consumer protection and financial stability regulations for encryption companies.

Informed people: The reason behind MiCA taking effect

In this regard, people familiar with OKX’s European regulatory process attributed the reason behind OKX’s adjustment of landing areas to the EU’s Crypto Asset Market Act (MiCA) that came into effect this month. 》.

As the world’s first and most comprehensive cryptocurrency regulatory system, MiCA regulations stipulate that only electronic money institutions (EMIs) and credit institutions can issue stablecoins, and exchanges must also obtain crypto asset service providers from EU countries in accordance with the law. A CASP license is required to operate in EU countries.

Of course, OKX also needs to comply with the EU's MiCA regulatory framework. Sources said: Compliance in Malta is much looser than in France, even if this is not what crypto companies want to establish in the industry and enter the EU. Label.

It is reported that Malta, as the headquarters of many financial institutions, has recently accepted many encryption companies. The local Financial Services Authority (MFSA) updated the regulatory rules for encryption companies at the end of last year in response to the upcoming MiCA.

In March this year, OKX just reached a settlement agreement of 304,000 euros (approximately US$329,000) with the MFSA for its subsidiary OkcoinEurope to resolve certain regulatory issues and agreed to take several other measures, including hiring a third party to review the company's operations.

A few days ago, as the first MiCA-compliant stablecoin issuer, Circle announced that it would officially open its USDC and EURC services to European commercial customers, ahead of its competitor Tether, which has controversial operations and compliance.

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