Malta Following Binance, Due to Government’s Support

Malta is looking to work to create a win win for  crypto businesses

“They are saying they are coming because Malta is ready to regulate us”

Malta, the smallest national capital in the European Union by area, Is making strides to be the Blockchain, and Cryptocurrency capital. Prime Minister Joseph Muscat, a firm supporter of cryptocurrency, and blockchain technology announced this last weekend, that Malta will be the first country to regulate the sector. While many countries ignore it or try to restrict the crypto industry, Malta is looking to work with industry leaders to create a win win for both crypto businesses and users.Malta Following Binance, Due to Government’s Support

On the same weekend Founder, and CEO of Binance, (world record holder in becoming a self-made billionaire within the shortest period of time) Zhao Changpeng announced his plans to move Binance headquarters to Malta, describing it as “very progressive when it comes to crypto and fintech.” Prime Minister Joseph Muscat said “They are not saying that they are coming to Malta because they can do what they want…They are saying they are coming because Malta is ready to regulate us, and we are bringing the consumer the peace of mind that there are people regulating this system.”

So it isn’t the beautiful weather, (300 days of sunshine) and the gorgeous beaches attracting Binance, and it seems that Binance isn’t the only fintech company in Malta’s crosshairs, as Muscat continued saying “The most exciting part is that they (Binance) are not the first…They hit the headlines because they are the biggest ones.”

Malta has been working on attracting Fintech businesses from Crowdfunding to cryptocurrencies since entering the Eurozone, and in 2017 FinanceMalta’s annual conference theme was focused on this. FinanceMalta, is the public-private initiative set up to promote Malta as an International Financial Centre.

The Prime minister said that many cryptocurrency companies had meetings scheduled with the government in the coming weeks. As Chinese, Japanese, South Korean, and American governments become less welcoming to Crypto business, expect more big announcements of moves to Malta. Years of planning may be starting to pay off for the beautiful Maltese island country.

Author: Steven Johnson

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Teuta Franjkovic

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