OKX: The Cryptonews-AI in Malta for the launch event in Europe of the crypto exchange

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On March 12th, The Cryptonews-AI, along with other journalists from around the world, was invited to the launch event in Europe of the crypto exchange OKX.

OKX, in fact, on January 27, 2025, was one of the first centralized platforms for cryptocurrency exchanges to obtain the MICA license to operate in Europe.

 

And it is precisely in Malta that the company is headquartered, with offices that opened in 2020 when they obtained the license needed at the time for this purpose, falling under the category of Virtual Asset Service Providers (VASP).

Summary

  1. Malta: the blockchain island of OKX

    Since 2018, in fact, Malta was recognized as the “blockchain island”, a place in Europe where the regulator has always been open and curious towards crypto technology, and therefore many companies in the sector have since moved to the island to obtain the licenses needed to operate in the EU.

  1. In Malta, OKX has a team of nearly 100 people, built starting from 2018.

    “If you want to build something good, it takes time to have the right people within the team, to build trust with partners, regulators, and the community.”, 

    Hong Fang, President of OKX since 2023, explains to us.

    We remind you that OKX is also already registered in the Netherlands.

  1. What is MICA regulation

    The acronym MiCA stands for Markets in Crypto-Assets, the European regulation that governs services related to cryptocurrencies.

    The birth of the MiCA addresses the need for a unified regulatory framework in the European Union, capable of overcoming the legislative differences among the various member countries.

    Thanks to its introduction, the aim is to promote both a strengthened protection for investors and a more competitive and innovative market.

    The MiCA license is a regulatory passport that allows cryptocurrency service providers to operate in all 27 member states of the Union, a key simplification compared to the past.

“Thanks to the MICA license, we can now market and operate in Europe. We can localize our product in local languages and local currencies, even with local fiat payment solutions”,

Erald Ghoos, CEO di OKX Europe, explains to us.

OKX obtains the MiFID II license

During the Maltese event, OKX also announced that it has obtained the MiFID II license, which will allow the crypto-exchange to offer derivative products to institutional clients in Europe.

Currently, in fact, the license is valid to offer futures and derivatives only to institutional clients, but Ghoos explains to us that OKX is already working to obtain the license to open trading to retail clients as well.

OKX and Security

Furthermore, during the press conference OKX emphasized how the exchange is investing in security as the number one priority both globally and locally. “The first line of defense is that OKX has been investing for 10 years in the IT team, cybersecurity, internal and external audits,” explains Fang.

Furthermore, the regulator also performs these checks before providing the licenses, so an additional assurance for the users who use the platform.

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Deploying smart contracts on the Ethereum blockchain

First of all, one or more developers must obviously create the smart contract by writing the appropriate lines of code, and then they must send it to the Ethereum network.

In technical terms, publishing it on the Ethereum blockchain means making all the nodes in the network receive and execute it. Once published, all instructions in it will always be executed by all nodes in exactly the same way.

Therefore, not only its publication but also the execution of instructions is irreversible once it is published on the blockchain.

Therefore, what really matters are the instructions it contains – which can be the most diverse – and how many people use it. Indeed, in order for the instructions of a smart contract to actually be executed, there must be one or more transactions that invoke them.

It is also worth remembering that these instructions generally involve the use of resources, such as data or tokens, so for them to actually be executed, all the conditions set as necessary must be met. 

Sometimes this data comes from outside, thanks to so-called oracles, while sometimes it simply comes from transactions on the blockchain.

Usually, the transaction that triggers the execution of the instructions contained in a smart contract involves the payment of a fee in ETH, and in many cases in order to actually trigger the execution also involves the payment or sending of tokens specific to the smart contract itself, or other smart contracts.

Technically, smart contracts are a type of account on the Ethereum blockchain, “controlled” by the network rather than a central entity. They can store ETH or tokens, and can also send transactions on the network autonomously.

Ethereum: how do smart contracts work?

A contract in the Solidity language would be like a kind of union of a code (the functions) and data (its state) located at a specific address on the Ethereum blockchain. Each contract contains declarations of state variables, functions, function modifiers, data structures and events.

How to use Solidity from Ethereum

The MiCA regulation, which came into force with the aim of uniformly regulating the cryptocurrency sector within the European Union, imposes new conditions that particularly concern:

  • – The mandatory authorization of crypto service providers
  • – The transparency of whitepapers
  • – The reserve requirement for stablecoin issuers
  • – Surveillance on systemic risks

One of the main impacts is precisely on stablecoins, like USDT, which will have to demonstrate that they have solid, transparent, and accessible reserve assets.

The platforms that wish to maintain the trading of these tokens within the European market will need to ensure that the assets are fully compliant.

Binance closes Tether trading in Europe to comply with MiCA regulations

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