Hong Kong's OKEx became the second major cryptocurrency exchange to announce its intention to expand operations to Malta after Binance, the world's largest cryptocurrency exchange by 24-hour trading volume.
Binance announced plans to open business in Malta in late March after it fell out of favor with the Japanese financial regulator for failing to get a license to operate in the country.
Big crypto exchanges are considering shifting base as regulators are increasingly tightening the noose around them. There are also increased concerns about Chinese regulatory actions in the cryptocurrency space, as the country recently banned Initial Coin Offerings (ICOs).
Malta is welcoming cryptocurrency and blockchain businesses as the small Mediterranean island nation plans to transform itself into a fintech hub and a crypto-friendly "Blockchain island."
Malta is actively building a supportive regulatory and technical infrastructure for Distributed Ledger Technology (DLTs), ICOs and virtual currencies to become the world's first blockchain-regulated state.
OKEx, the world's second largest cryptocurrency exchange by trading volume, said it has decided to make Malta a foundation for further OKEx growth based on the encouraging approach of the Maltese government and regulatory authorities.
"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," said Tim Byun, chief risk officer at OKEx.
Chris Lee, CEO of OKEx added, "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."
The Maltese government announced plans earlier this year for the Malta Digital Innovation Authority, which aims to provide legal certainty for the use of blockchain technology, and by extension, cryptocurrencies.
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