Okcoin secures regulatory approval in Malta and the Netherlands
Cryptocurrency exchange Okcoin could quickly be opening its doorways wider to crypto merchants in Malta and the Netherlands following approval from key regulators.
In a Thursday announcement, Okcoin said it had secured formal registration from the central financial institution within the Netherlands and secured “in principle” approval for a digital monetary property license from the Malta Financial Services Authority. In addition, the exchange has obtained a cash transmitter license for the U.S. territory of Puerto Rico.
The regulatory benchmarks in Europe are a part of Okcoin’s plans to accomplice with native banks and fee suppliers to reduce regulation dangers and make it simpler for purchasers to buy crypto with the euro. The exchange has been offering Dutch residents with crypto-to-crypto buying and selling since 2018, and registered with the nation’s central financial institution as a crypto service supplier in May 2020.
“With these licenses, we will continue growing our presence aggressively in Europe and adding payment rails and banking partnerships,” said Okcoin CEO Hong Fang. “Europe is a big focus for our global growth plans, and we have added almost 25 team members in 2021 to better serve our customers in this region.”
Founded in 2013, Okcoin is without doubt one of the world’s oldest crypto exchanges and has steadily expanded to now serve clients in additional than 185 international locations. Though its headquarters are based mostly within the United States, final 12 months Okcoin moved into Singapore after it had additionally secured regulatory approval in Japan.
Related: Crypto exchange OKCoin faucets FIS subsidiary Worldpay to steer international enlargement
Many crypto and blockchain corporations have arrange operations in Malta, anticipating the nation would offer favorable rules inside a European Union member. In the Netherlands, nonetheless, officers referred to as for a whole ban on mining, buying and selling, or holding Bitcoin final month.