OKEx, one of the leading crypto markets, has signed a partnership with Malta Stock Exchange (MSX) for the development of a new trading platform for security tokens, OKEx announced on Thursday. The joint initiative aims to attract institutional investors that are more reluctant to invest in digital coins and marks another attempt by a stock exchange to enter the crypto world after the Swiss bourse plan for blockchain tokenization trading platform earlier this month.
OKEx and Digital and Fintech arm of Malta Stock Exchange Holdings will set up a joint company later this year. The market will start operations in the first month of 2019 and will rely on OKEx crypto expertise and MSX experience on working in regulatory compliance. As a registered stock exchange, MSX is subject to Malta and European Union regulation, including due diligence procedures.
“The partnership was formalized in the form of a Memorandum of Understanding (MoU) signed in Valletta, Malta on July 19, 2018. Both parties will endeavour to finalize a Joint Venture to be established by Q3 2018,” OKEx said in a statement.
At the moment it is unclear if the OKMSX will offer only crypto-crypto services or will also add fiat functions. The crypto-fiat trading is subject to recently enforced EU anti-money laundering (AML) and counter-terrorist financing rules (CTF), including due diligence procedures.
“Malta is taking the helm of regulating the blockchain technology and cultivating a regulated cryptocurrency and ICO epicentre,” Tim Byun, chief risk officer and head of government relations of OKEx, said.
At the beginning of the month, Malta approved three cryptocurrency related bills as part of Prime Minister Joseph Muscat’s plan to make Malta into ‘blockchain island’. The package is designed to attract new investors by giving them a legal framework.
In April, OKEx revealed a plan for the opening of the Maltese office, several weeks after a similar move by one of its main competitors, Binance.
This article appeared first on Cryptovest
