After Binance announced last month its move to the crypto friendly European country another major Hong Kong-based crypto exchange has set its eyes on Malta. The small island country has been praised for its friendly policies towards cryptocurrencies at a time when many major governments are cracking down on exchanges and virtual currencies.
The exchange is Okex, a major Hong Kong-based crypto exchange which is the fifth largest crypto exchange in the world by 24-hour trading volume. In an announcement made today the exchange says it’s expanding its operations to Malta.
Addressing Bitcoin Magazine on the issue, the Spokesperson of the exchange said, for now, all the functions of the platform stay in Hong Kong but they were establishing a new entity in the European country in accordance with the expected frameworks and regulations of Malta. He adds that the expansion has no effect on their existing offices and operations in any other jurisdictions.
Chris Lee, the CEO of the exchange also says they are looking forward to working with the Maltese government as it has demonstrated its forward thinking and it shares many values with the company – the most important being protection of users and the public in general, complying with Anti-money laundering rules and know your customers standards and finally, the fact that they recognize innovation and the importance of continuing development of the blockchain ecosystem.
The exchange says it has already met with the regulatory leaders and other concerned parties from the Maltese government in order to better understand the countries evolving regulatory framework plans and get feedback.
This move confirms Malta as a growing hub in the crypto industry. The country is currently in the process of setting up a regulatory framework to govern the blockchain and cryptocurrency industry in the country. The framework will go by the name Malta Digital Innovation Authority.
What do you think of this major Hong Kong-based crypto exchange move to Malta? Let us know in the comment section below.