OKEx, the world’s largest digital asset exchange, is speeding up its global expansion into Malta by establishing an office and hiring local staff, following the Maltese government’s recent approval of three bills regarding digital assets, blockchain and distributed ledger technology (DLT) in their second reading.
On April 10, 2018, OKEx first met Honourable Silvio Schembri, Member of Parliament and the Junior Minister within the Office of the Prime Minister for Financial Services, Digital Economy and Innovation, who is responsible for implementing Malta’s Blockchain strategy. OKEx’s Chief Risk Officer & Head of Government Relations Tim Byun and Vice President of Business Development Jason Lau were impressed with the Office of the Prime Minister’s vision in making Malta “The Blockchain Island” and the sound regulatory framework presented by members from Malta Financial Services Authority.
OKEx thereafter started to lay the foundation for expansion into Malta, including becoming a major sponsor of the DELTA Summit, Malta government’s first official conference, to be held between October 3 to 5, 2018. Additionally, OKEx named Jovan Gavrilovic its General Manager for Malta during a recent visit and is now looking to add teammates locally in the areas of compliance, legal, finance, IT support, and operations to grow within the scope of the recently passed bills.
“Malta is seeking to become one of the world’s safe & sound jurisdictions for digital assets. The country’s passage of The Innovative Technology Arrangements and Services Act, The Virtual Financial Assets Act, and The Malta Digital Innovation Authority Act creates a solid foundation for the blockchain industry, providing a regulatory framework that is balanced and comprehensive, thereby providing regulatory certainty to help the digital asset ecosystem to flourish. As a world-leading digital asset exchange, we will work together with the Maltese government and regulators to provide full support in fostering the establishment of a global blockchain hub,” said Tim Byun, Chief Risk Officer and Head of Government Relations of OKEx.
Taking advantage of the first-of-its-kind legislation on digital assets and blockchain technology, Malta is positioning itself as a cutting-edge hub for blockchain companies with the vast opportunities it has to offer. “Blockchain is one of the latest phenomena to hit the tech world. Malta is one of the first countries worldwide to regulate this technology, creating an ideal ecosystem for companies, startups, and investors to meet and share insights, and also to build the future of blockchain together,” said Joseph Muscat, the Prime Minister of Malta.