Okcoin secures regulatory approval in Malta and the Netherlands

Cryptocurrency alternate 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 in the Netherlands and secured “in precept” approval for a digital monetary belongings license from the Malta Monetary Companies Authority. As well as, the alternate 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 patrons to buy crypto with the euro. The alternate 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 Could 2020.

“With these licenses, we are going to proceed rising our presence aggressively in Europe and including fee rails and banking partnerships,” said Okcoin CEO Hong Fang. “Europe is an enormous focus for our international progress plans, and we now have added nearly 25 crew members in 2021 to raised serve our prospects in this area.”

Based in 2013, Okcoin is one among the world’s oldest crypto exchanges and has steadily expanded to now serve prospects in greater than 185 nations. Although its headquarters are based mostly in the United States, final yr Okcoin moved into Singapore after it had additionally secured regulatory approval in Japan.

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Many crypto and blockchain corporations have set up operations in Malta, anticipating the nation would supply favorable rules inside a European Union member. In the Netherlands, nonetheless, officers called for a complete ban on mining, buying and selling, or holding Bitcoin final month.