OKCoin Secures Crypto Licenses In Netherlands And Malta

Amid the approvals from key regulators in Netherlands and Malta, Cryptocurrency exchange Okcoin may soon be opening its doors wider to crypto traders in the two EU countries.

Okcoin said in an announcement on Thursday, it had secured formal registration from the central bank in the Netherlands and an in-principle approval for a virtual financial assets license from the Malta Financial Services Authority. The exchange has also obtained a money transmitter license for the U.S. territory of Puerto Rico.

Gaining regulatory approval in Europe is part of Okcoin’s plans to partner with local banks and payment providers to minimize regulation risks and make it easier for customers to purchase crypto with the euro. The exchange has been providing Dutch residents with crypto-to-crypto trading since 2018, and registered with the country’s central bank as a crypto service provider in May 2020.

OKCoin CEO, Hong Fang commented:

“With these licenses, we will continue growing our presence aggressively in Europe and adding payment rails and banking partnerships. 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.”

Okcoin, founded in 2013, is one of the world’s oldest crypto exchanges and has steadily expanded to serve customers in more than 185 countries currently. Though its headquarters are based in the United States, last year Okcoin moved into Singapore after it had also secured regulatory approval in Japan.

Crypto and blockchain firms bee favoring Malta for their operational base, expecting the country would provide favorable regulations within the European Union as a member. In the Netherlands, however, officials called for a complete ban on mining, trading, or holding Bitcoin last month.