OKX has successfully obtained the Markets in Crypto-Assets (MiCA) licence.
Samuel Azzopardi, Deputy General Counsel and Head of Legal Europe at OKX, reflected on this milestone in a recent LinkedIn post, highlighting Malta’s evolving regulatory landscape and the challenges he faced more than a decade ago when virtual currency marketplaces were still uncharted territory in the country.
Dr Azzopardi recalled an experience from June 2013 when a client requested him to set up a company in Malta with the objective of operating a virtual currency marketplace.
At the time, company incorporation in Malta typically took 24 hours. However, this case was different.
The novelty of the request triggered scrutiny from the Registry of Companies and the Malta Financial Services Authority (MFSA), leading to what he described as "inquisitive queries that were more akin to grilling." Ultimately, after "innumerable exchanges" and a delay of 30 days, the company was incorporated – marking what Dr Azzopardi described as "a milestone achieved."
Reflecting on Malta’s regulatory progress since then, Dr Azzopardi emphasised how the country has transformed into "a sophisticated jurisdiction with the right appetite for crypto."
He noted that the MFSA has maintained a firm yet knowledgeable stance on regulation, ensuring that Malta remains at the forefront of fintech innovation. Malta’s legal framework was advanced enough to qualify for a simplified MiCA licensing process, a distinction shared with only two other jurisdictions. "That is also a milestone for Malta," he stated.
Fast-forward to June 2023, when Dr Azzopardi joined OKX, the mission was clear: Achieve MiCA compliance in the shortest time possible. He credited the company’s success in securing the licence to teamwork across various departments, guided by the vision of OKX’s founder, Star Xu.
"It was through the teamwork between various departments of the company and OKX group, led by the vision of its formidable founder Star Xu, that made the MiCA license possible, the first of its kind," he remarked, "another milestone is achieved."
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