Malta has made the headlines quite often for its crypto-friendly environment which has made it a blockchain hub in Europe. OKex, one of the largest exchanges in the world, with a daily transaction volume of over $1 billion, is the latest crypto company to open offices in the small island nation that has come to be fondly referred to as “the blockchain island”. In a statement, the Chinese exchange says it is confident in the Maltese government’s approach and wants to make Malta its foundation for further growth.
Shared Values Attracted OKex
The Maltese government shares the same values as OKex, and this was one of the things that attracted the exchange to the island, according to OKex’s CEO, Chris Lee.
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’s Chief Risk Officer and Head of Government Relations, Tim Byun, recognizes the need for the government and the blockchain community to work together to promote the growth of the industry, which is still in its formative years.
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. More specifically, Malta’s sound risk-based approach will help cultivate a responsible, compliant, and healthy ecosystem.
OKex also promises to be actively involved in the blockchain and cryptocurrency ecosystem in Malta, which will entail participating in the DLT Data Conference which will be held in October and which is sponsored by the Maltese government.
The Maltese Prime Minister, Joseph Muscat, welcomed OKex into the Maltese blockchain community via Twitter.
“Malta is fast becoming the jurisdiction of choice for Distributed Ledger Technology companies in the European Union and globally,” read his tweet.
Malta Keeps Winning
OKex is just the latest in a group of blockchain and crypto companies that are finding a safe and welcoming haven in Malta. Earlier this year, Binance, another leading global exchange which was also founded in China, announced that it would be opening offices in Malta to take advantage of the enabling environment and also in light of strict regulations in China.
Led by the futuristic Joseph Muscat, the Maltese government has continuously formulated laws that create a conducive environment for the blockchain community. One of its initiatives was the Malta Digital Innovation Authority, which will work to bring certainty in regards to the blockchain and cryptocurrency community in the country.
Malta is also one of the 22 European nations that were signatories to a declaration aiming to establish a European Blockchain Partnership. The partnership will, among other things, foster cooperation among member states to exchange blockchain-related information and experience, as well as to prepare for the EU Digital Single Market, which will benefit both the private and public sectors.