OKEx, the second-largest crypto exchange as of press time, boasting a 24-hour trading volume of over $1.2 billion, has announced its partnership with Malta Stock Exchange (MSX) for the development of a brand new platform for trading security tokens.
The collaboration between OKEx and Maltese financial institutions seemed almost inevitable, as the exchange has announced its plans to relocate to the Mediterranean state, also dubbed as “blockchain island” this spring. Back then, OKEx CEO Chris Lee cited “recognition of the innovation and importance of continued development in the Blockchain ecosystem” by the Malta government as a major factor behind the move.
OKEx has already established a Maltese office and hired local staff and experts to finalize the move by the end of the third quarter of 2018. DELTA Summit, the official blockchain and digital innovation event of Malta is sponsored by the exchange as well, which further illustrates a close bond between the blockchain island officials and the exchange. Binance, OKEx’s biggest competitor and the current leader of crypto exchange industry, has moved its operations to Malta back in March.
The new project has been given a name of OKMSX, after the two parties signed a Memorandum of Understanding. The new partners are hopeful that OKEx competence in the digital asset industry coupled with MSX 26-year-long experience operating as a regulated stock exchange will guarantee the success of the project. The institutional-level platform will be open for business in the first quarter of 2019 and the heads of both companies are excited about the launch.
Tim Byun, head of governmental relations at OKEx stated that, “Malta is taking the helm of regulating the blockchain technology and cultivating a regulated cryptocurrency and ICO epicenter. 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.“
His new colleague Joseph Portelli, chairman of MSX echoed a similar sentiment, claiming that, “Malta is on the cusp of becoming a center of excellence within the global digital innovation landscape. We are thrilled to be teaming up with OKEx, a leader in the digital currency sector, to leverage our expertise on the compliance and regulatory front to truly be a trailblazer within the security token sector.“
The Maltese government has been hard at work in trying to cement the status of a small Mediterranean nation as a crypto haven. Earlier this month, the officials unanimously passed three crypto-related bills to increase the appeal of Malta for crypto businesses even further. Last week, a Maltese company STASIS announced its plans to launch a stablecoin, pegged to euro on a 1:1 ratio.
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I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.