The Maltese government continues its bid to attract cryptocurrency investors to Malta, this time by entering into a joint venture with digital asset exchange, OKEx. On July 19, 2018, an official statement on OKEx’s blog confirmed that the exchange has partnered with Malta Stock Exchange Holdings. The Memorandum of Understanding (MoU) between the two parties was signed in Valletta, Malta.
OKEx, one of the largest crypto exchanges by volume on a daily basis, had set its sights on Malta back in April 2018 when it announced plans to expand its business to the crypto-friendly island. According to the MoU signed with the MSX, it has been agreed upon that MSX will offer experience and knowledge in a regulatory compliant stock market, while the OKEx will serve the nation with the infrastructure and security required to launch an efficient digital security-token exchange. The venture will officially be called OKMSX.
BTCManager earlier reported that Malta is attracting crypto investors on a large scale, thanks to its crypto-friendly regulations. Binance, the world’s biggest cryptocurrency exchange in terms of volume, made a statement last week about its intentions to launch a regulated bank in Malta. The bank will be owned by crypto investors, with Binance’s stake being just five percent.
Joint Ventures to Propel Crypto Foward in Malta
In an attempt to further build crypto services in the country, the Malta Stock Exchange (MSX) also announced the launch of MSX PLC, an investment entity that will propel partnerships with premier crypto exchanges worldwide to create more joint ventures.
The joint venture with OKEx is expected to be finalized by the third quarter of 2018, while the platform is speculated to be launched by the first quarter of 2019. Tim Byun, chief risk officer and head of government relations of OKEx, cited the partnership with MSX as a “milestone for the economic development of Malta.” Byun added, “This joint venture marks our confidence in the Maltese government as well as our commitment to providing an efficient, secure, and transparent blockchain trading environment to clients worldwide.”
Malta continues to be a pioneer in creating a favorable environment for the use of blockchain technology. The lack of harsh and restrictive crypto regulations on the island has drawn significant interest from numerous crypto enterprises, some of which have already set up shop in the country.