Malta is now becoming very friendly to cryptocurrency. The country recently passed regulation legislation concerning ICOs, Blockchain and cryptocurrencies. The legislation was meant to make the country more friendly to the crypto market. Malta is once again making news after inviting cryptocurrency exchange OKEx to invest in the country.
More to OKEx Bince which is worlds biggest exchange is rumoured to be planning to open a new office in Malta. This was after Binance received warning from Japanese financial regulators. The news about OKEx was tweeted by crypto trader WhalePanda stating that Malta would soon become crowded with cryptocurrency.
Malta has made some positive steps towards ensuring that the country becomes friendly to digital currencies. They actually released a document in February called ‘Malta-The leader in DLT Regulation.’ More to that they have also proposed an establishment of several regulation-supporting different organizations such as Malta Digital Innovation Authority Bill and also the Virtual Currencies Bill.
OKEx in their report they have stated that they had actually met the Malta regulators to discuss crypto framework. The exchange is confident that the approach taken by the Malta government will enable exchanges to grow while still growing the cryptocurrency market.
According to OKEx CEO Chris Lee:
“We are happy to invest in Malta, and we look forward to working with the Malta government because it is forward thinking and also shares most of our values. The government is making the market better since its protecting traders as well as the customers. We are going to comply with all the required regulatory procedures by the government including Anti Money Laundering and also know your customer standards. Malta is determined to develop a great Blockchain ecosystem which is very encouraging.”
OKEx is determined to continue growing its market cap. The exchange is currently ranked second with a 24-hour trading volume on CoinMarketCap of around 1.6 billion dollars.