The government of tiny European and Mediterranean island nation, Malta, has opened its arms wide to all things cryptocurrency related. The Prime Minister, Joseph Muscat, famously declared that he wants to see the sunny expatriate paradise turned into “Blockchain Island.” Already, the country is making huge strides to accomplish this ambitious goal.
July 4th witnessed the Maltese parliament passing a bundle of three laws that laid the foundation for Malta to offer “the first world jurisdiction to provide legal certainty to this space,” tweeted Silvio Schrembi, the Junior Minister for Financial Services, Innovation, and Digital Economy.
Analysts have applauded the shrewd move that puts Malta in a trailblazing position for up and coming blockchain technologies. Head of Blockchain Advisory, Joseph Borg, of the WH Partners law firm noted, “Malta has accepted the fact that blockchain technology and cryptocurrencies are inevitably going to become more popular. By taking this step, Malta is destined to become a hub for innovative technology startups and established blockchain-based businesses to thrive, while creating economic growth on the island.”
Malta Welcomes the World’s Largest Bitcoin Exchange Binance to the Island
Malta had already welcomed the world’s largest crypto and bitcoin exchange back in March. Binance announced that it would establish an office in Malta in an effort to relocate to the Mediterranean safe haven. Japan, where they were previously based, has altered its national policies. It is now a country that is more restrictive to cryptocurrencies, and less bitcoin-friendly over the past year.
Binance founder, Zhao Changpeng, confirmed their intentions to open up an exchange for fiat to cryptocurrencies in Malta recently. He stated that the world’s largest cryptocurrency exchange will soon announce a major deal with the island’s local banks. The deal will allow customers to make withdrawals and deposits. This will allow them to conveniently access their fiat currency funds through the island’s significant and rising offshore financial center that includes: HSBC/Malta, BOV Bank of Valletta, BNF Bank, APS Bank, Mediterranean Bank, Lombard Bank, and others.
“We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech,” Zhao said.
Binance held the distinction of being the number-one ranked crypto exchange in the world according to dollar volume. Recently, it was trading $1.7 billion in 24 hour volumes per Coinmarketcap.com.
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