OKEx is the latest cryptocurrency company to plan a European expansion. There are plenty of reasons as to why cryptocurrency firms are moving to this particular continent, as local regulatory efforts have made it a lot easier for enterprises to set up offices there. For OKEx, the country of interest is Malta, which has attracted a fair few firms in the past few months.
OKEx Plans an Overseas Expansion
Similar to any other business, any company involved in either blockchain tech or cryptocurrency needs to keep evolving and expanding. As of right now, OKEx is doing exactly that, as the company is looking to set up shop in Malta. This move is anything but surprising, as we have seen other firms make similar moves in the past four months. Malta is a European country with very crypto-friendly regulations in place.
For OKEx, the decision to expand to Malta simply makes a lot of sense. The company has met with the country’s government and regulators to discuss this development and gain a better understanding of the island nation’s legislative and regulatory plans. So far, it seems the requirements and expectations are agreeable to all parties involved.
Additionally, OKEx provided written feedback regarding the current regulatory landscape. Afterward, company officials took part in an open dialogue to confirm that the Maltese government would maintain its pro-cryptocurrency mindset in the future. Based on all of that information, it seems clear that Malta wants to further position itself as a major blockchain and cryptocurrency hub.
OKEx CEO Chris Lee commented on this development as follows:
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.
It is clear for everyone to see that Malta is one of the few open-minded European nations when it comes to cryptocurrency and blockchain technology. Its regulators are actively building a supportive environment, as well as the technical infrastructure necessary for both industries to thrive. With companies being able to obtain legal certainty from the government directly, we will surely see more of these developments in the near future.
How all of this will affect other European countries remains to be seen. Other than Malta, it seems only Switzerland and Gibraltar are trying to make a positive impact on these industries. For some reason, the rest of Europe still remains on the fence about both blockchain technology and cryptocurrency, even though it is evident the entire continent can benefit from these industries with proper regulatory guidance.