[2018-03-25] Malta Wants to Become The Blockchain Island With largest exchange

[Powerpuff]

This week, Binance, the world’s largest cryptocurrency exchange with a $1.7 billion daily trading volume, has relocated its headquarters to Malta, a region that has always been friendly to cryptocurrency businesses and investors.

Along with its current team, Binance has moved its resources over to Malta, and has decided to employ more than 200 full-time employees to fully establish the company in the region. For any multi-billion dollar startup like Binance, the relocation of headquarters comes with difficulties, especially in regards to finances and regulatory conflicts.

But, it seems evident that the pro-blockchain attitude of Malta authorities has given Binance confidence to relocate its team and business to the region, placing Malta at the forefront of cryptocurrency growth.

Malta, The Blockchain Island

Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation, stated in an interview with the Binance team that the country remains confident in the work that is being done in the cryptocurrency sector. He further emphasized that Binance’s presence in the region would continue to allow Malta to evolve into the Blockchain Island.

“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. It is obvious that Malta has become a natural point of reference on the international sphere and companies such as Binance will continue to look into Malta to further expand their operations or establish a base. Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island,’” said Schembri.

In an official statement, the Binance team noted that Malta’s existing regulations and pro-blockchain legislation for its local cryptocurrency businesses ultimately convinced the company to invest in the European nation, after visiting and evaluating several regions.

Changpeng Zhao, the CEO at Binance who is better known as CZ, stated that the Binance team were inspired by the logical and forward-thinking nature of Schembri, and the rest of the Malta government.

“After meeting with Parliamentary Secretary, Mr Silvio Schembri, we were impressed by the logical, clear and forward-thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta,” Zhao said.

Influence on Other Regions

Recently, South Korean authorities have started to discuss the possibility of legalizing domestic initial coin offerings (ICOs) once again, after Kakao, the country’s largest internet conglomerate that operates KakaoTalk, KakaoPay, KakaoStory, KakaoStock, and KakaoTaxi, the country’s largest app that have nearly 90 percent market share of the messaging, payment, social media, online stock brokerage, and taxi service markets, revealed its plans to move its blockchain venture outside of South Korea.

Inevitably, startups and multi-billion dollar conglomerates will relocate to regions that are equipped with pro-blockchain legislature and are led by forward-thinking regulators. Malta’s warm welcome of cryptocurrency businesses and exchanges will likely influence other regions, like Japan and South Korea, to continue providing sound regulations to businesses to ensure their markets can grow exponentially, without regulatory conflicts.

https://www.ccn.com/malta-wants-to-become-the-blockchain-island-with-worlds-largest-cryptocurrency-exchange/

[jseverson]

Well that's one way to boost your economy. I know Malta isn't poor, but some poorer countries could follow their example. It's really awesome to see industries and jobs popping up because of Bitcoin and cryptocurrencies in general.

[vit05]

Then the start was given to know which country will be the capital of the cryptocurrencys. And, consequently, one of the richest in the future. I hope that countries that begin the process of acceptance of this revolutionary technology will not be limited to traditional tax havens. We need robust countries that can offer more than fragile tax legislation. Bitcoin needs to be accepted because it is technologically superior.

[iram1011]

With cryptocurrencies becoming famous and have a potential to have trillion dollar marketcap, Malta is playing smartly by taking the lead and acquiring biggest exchanges and thus can play a dominant role in cryptocurrency landscape in near future. With approx $11 Billion GDP, this cryptocurrency friendly country can give a boost to their economy.

[CryptoBry]

The largest cryptocurrency exchange has finally chosen and will soon be settling in Malta. I am then congratulating the government and all the people who supported this move in Malta. I am sure that this can be a big boost to this island's economy, prestige and goodwill. There will be more trickling effect as well as some other fintech companies may follow the same move. This should be serving as a big warning to countries who are not doing enough to be called as crypto-friendly to fixed their stand and do something otherwise Malta can suck more investments from them.

[peter0425]

Yes, this is a good by Binance to moved its based of operation in Malta because its now a safe haven for crypto. It may even set a precedence and attract other crypto related activity to move their Headquarters in that country.

In the end, Malta's economic will grow and maybe in the next 2-3 years they can be considered a blockchain hub country, good moved by the Malta government, although there are still a lot of countries who are offering the same incentive as well like Belarus.

I'm sure that other countries will also try to make a pitch to other companies to venture or even established their business with them. Really exciting to see how will it turns out in the future.

[1Referee]

In the end, Malta's economic will grow and maybe in the next 2-3 years they can be considered a blockchain hub country, good moved by the Malta government, although there are still a lot of countries who are offering the same incentive as well like Belarus.

Belarus, while it offers crypto oriented businesses and startups a lot freedom and tax advantages, it's still an unstable country, which isn't exactly the right place to settle yourself as one of the main players in the global market. It all comes down to find a place to settle yourself at from which you know you aren't subject to unstable governments changing their laws based on their mood.

I read that Spain is also working its way up, and this is just the start. I expect that even the main countries in Europe and Asia will start to battle to attract all this new talent, create jobs, etc. Crypto, once considered to be a joke, a criminal safe haven, will become something that grows out to surpass the main assets in this world in several ways. Imagine what level of boost this ecosystem will enjoy once financial institutions go nuts on crypto. The only reason they are holding off for now is that they can't legally do anything with crypto right now, but that will change. While people keep talking about regulations to be a negative happening for crypto, I can't wait to see the legal framework gets updated and finally see crypto become that what we want it to be. No regulations means no serious growth.

[seoincorporation]

Smart desition and also a proof of what can happen if a country just stops throwing sh**t to crypto and taking the lead instead. I am sure: Malta's example can be a great opportunity for other countries to see crypto-potential and become as well great exchangers. Countries with bad economies must see this as an example and a model to follow up!! But, of course, the real battle on poor countries reside in the battle against corruption. Maybe, in between all this corrupted system, the people find a way to establish a great economy, going over their shameless corrupted governments and creating a new font of work for many... Who knows!!

[Kronos21]

In the end, Malta's economic will grow and maybe in the next 2-3 years they can be considered a blockchain hub country, good moved by the Malta government, although there are still a lot of countries who are offering the same incentive as well like Belarus.

Belarus, while it offers crypto oriented businesses and startups a lot freedom and tax advantages, it's still an unstable country, which isn't exactly the right place to settle yourself as one of the main players in the global market. It all comes down to find a place to settle yourself at from which you know you aren't subject to unstable governments changing their laws based on their mood.

I read that Spain is also working its way up, and this is just the start. I expect that even the main countries in Europe and Asia will start to battle to attract all this new talent, create jobs, etc. Crypto, once considered to be a joke, a criminal safe haven, will become something that grows out to surpass the main assets in this world in several ways. Imagine what level of boost this ecosystem will enjoy once financial institutions go nuts on crypto. The only reason they are holding off for now is that they can't legally do anything with crypto right now, but that will change. While people keep talking about regulations to be a negative happening for crypto, I can't wait to see the legal framework gets updated and finally see crypto become that what we want it to be. No regulations means no serious growth.

Belarus cannot become an attractive state for serious players in the cryptocurrency market. Binance stated that their goal is not only to find a new free country for their jurisdiction but also they want to add Fiat couples. This will help to attract more people. This requires a state that has authority. Belarus is under sanctions and therefore it is impossible in Belarus.

[Barley Hertog]

I heard something similar connected to Bermudas, they want to become a crypto country too.
What comes to Binance - smart decision to my point of view

[Hammond ltd]

I always welcome this type of announcements cause it means that one more country finally understood that it's possible to gain money out of new and potentially worldwide-spread technology

[La Maree Noire]

Malta, Belarus, Venezuela - top-3 newsmakers in implementing and creating something new connected to cryptocurrencies =D