Malta is playing strong game

[ForkThis]

There are many news about Malta and the blockchain. It seems that the country is really making serious moves and preparing the a regulatory system to impulse the Blockchain.
"Legislative action
On July 4, the Maltese parliament passed three bills to set a regulatory framework and drive innovation in blockchain-like technologies. The government hopes these laws will attract foreign financial tech companies to establish themselves in the country."

These are some news related to the case:

- Blockchain summit in November. Here.
- Malta in CNN news: "Wants to become the Blockchain islands"
- Bills passed here.

And the interesting thing is that they are starting by providing full clarity, which could be done by any country, is just that most seem "to busy".

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1715339231

[Rath_]

Malta is becoming extremely friendly for cryptocurrency businesses. The biggest cryptocurrency exchange in Poland - BitBay decided to move to Malta because of more clear regulations. I would not be surprised if it became the place where major national cryptocurrencies would have most of their hashrate. Won't other countries start to threaten Malta to stop encouraging crypto usage?

Malta is definitely going to earn a lot of money on these actions despite their tax reliefs. Mining farms need enormous amount of electricity to run = huge profit from the electricity tax.

[Sama517]

There are many news about Malta and the blockchain. It seems that the country is really making serious moves and preparing the a regulatory system to impulse the Blockchain.
"Legislative action
On July 4, the Maltese parliament passed three bills to set a regulatory framework and drive innovation in blockchain-like technologies. The government hopes these laws will attract foreign financial tech companies to establish themselves in the country."

These are some news related to the case:

- Blockchain summit in November. Here.
- Malta in CNN news: "Wants to become the Blockchain islands"
- Bills passed here.

And the interesting thing is that they are starting by providing full clarity, which could be done by any country, is just that most seem "to busy".

To me, the small Island is already asserting itself as a strong force to reckon with in cryptocurrency. The country will benefit immensely from the several blockchain summits and events it has played host to.

[batang_bitcoin]

Malta is now one of the crypto haven. The prime minister has given a speech about what crypto is in the future.

Malta's Prime Minister Hails Crypto as 'Future of Money' in UN Speech

[lephuqui]

There are many news about Malta and the blockchain. It seems that the country is really making serious moves and preparing the a regulatory system to impulse the Blockchain.
"Legislative action
On July 4, the Maltese parliament passed three bills to set a regulatory framework and drive innovation in blockchain-like technologies. The government hopes these laws will attract foreign financial tech companies to establish themselves in the country."

These are some news related to the case:

- Blockchain summit in November. Here.
- Malta in CNN news: "Wants to become the Blockchain islands"
- Bills passed here.

And the interesting thing is that they are starting by providing full clarity, which could be done by any country, is just that most seem "to busy".

Malta is a small country. It's as small as the crypto in the financial world. When looking from many angles will see how the growth of crypto will be how big.

[boled]

There are many news about Malta and the blockchain. It seems that the country is really making serious moves and preparing the a regulatory system to impulse the Blockchain.
"Legislative action
On July 4, the Maltese parliament passed three bills to set a regulatory framework and drive innovation in blockchain-like technologies. The government hopes these laws will attract foreign financial tech companies to establish themselves in the country."

These are some news related to the case:

- Blockchain summit in November. Here.
- Malta in CNN news: "Wants to become the Blockchain islands"
- Bills passed here.

And the interesting thing is that they are starting by providing full clarity, which could be done by any country, is just that most seem "to busy".

Congratulations to Malta. This is good news for the world of Crypto. This is not a small thing for the world of Blockchain and Crypto, even though it was born from a small country, the reality that it is precisely from this small country this contribution emerged. happy to hear this good news.

[ecnalubma]

Open innovation country like Malta will have a chance to be on top of this Blockchain race in the future. Like Switzerland, Japan, South Korea they understand how valuable this technology is, that's why they are making sure that they're doing the right thing. I hope some other strict countries will loosen their ties to open mind and understand the benefit of Blockchain in their economy. 

[hugeblack]

This news is not new to Malta, and before the beginning of this year, many projects went to that country.
I hope the laws are strict and not just regulation for taxes because that will increase the bad reputation of Blockchain and will make Malta like some countries like Panama. IMO
Generally, if these projects find the attractive environment, they will be long-term investments rather than temporary periods until the legal status of the superpowers is clarified.

[davis196]

For some reason it's easier for the small countries to become more crypto/blockchain friendly.
I guess that the big countries are under the influence of the banksters,who are fanatic fiat supporters. 
I remember that Leupay,which is an awesome digital financial service is located in Malta.
Let's hope that the EU won't stop or ban the crypto adoption in Malta.

[figmentofmyass]

malta is making a strong move to secure position in the crypto exchange regulation industry. very smart move for a small island nation in their position.

i think they'll succeed, just like they did with internet gaming/poker regulation. they're the biggest online gaming regulator in the world, and it represents a huge part of their national economy now.

Malta is becoming extremely friendly for cryptocurrency businesses. The biggest cryptocurrency exchange in Poland - BitBay decided to move to Malta because of more clear regulations. I would not be surprised if it became the place where major national cryptocurrencies would have most of their hashrate. Won't other countries start to threaten Malta to stop encouraging crypto usage?

in theory, they could. the truth is that superpowers are probably increasingly afraid to regulate cryptocurrency too harshly. that would just push technology innovation and economic growth to competitor nations.

it's difficult for governments to have a united front against crypto when they are all afraid of getting left behind.

[stompix]

Malta is definitely going to earn a lot of money on these actions despite their tax reliefs. Mining farms need enormous amount of electricity to run = huge profit from the electricity tax.

In the first half of 2017, the average electricity price for households was 12.78 euro cents per kWh.
https://en.wikipedia.org/wiki/Energy_in_Malta

Production  0.1
Import      24.9

Yeah, it makes total sense for mining companies to go and set up camps a country that relies 99-100% on energy imports.

Besides, who mentioned miners in the first place? This is about blockchains!

[Kemarit]

Open innovation country like Malta will have a chance to be on top of this Blockchain race in the future. Like Switzerland, Japan, South Korea they understand how valuable this technology is, that's why they are making sure that they're doing the right thing. I hope some other strict countries will loosen their ties to open mind and understand the benefit of Blockchain in their economy. 

I think they really see the benefits of not just using blockchain, but the what it can bring to a small nation just like them. As @figmentofmyass, superpower countries are very timid and less enthusiastic because, they're financially stable as compare to 2nd or 3rd world countries. But what we do like about them is that they really spearheaded it for some time now that's why crypto related projects, exchanges are now moving to them.

[Blasteros]

Malta is strong because government supports blockchain. If every government supports such innovation then transformative technologies are going to evolve significantly.

[NeuroticFish]

Malta is definitely going to earn a lot of money on these actions despite their tax reliefs. Mining farms need enormous amount of electricity to run = huge profit from the electricity tax.

Yeah, it makes total sense for mining companies to go and set up camps a country that relies 99-100% on energy imports.

Exactly. Malta is great for crypto and blockchain, but most probably not for mining.
But it doesn't matter. Exchanges, financial services, various startups still get profit and have to pay taxes. If they go to Malta, they will pay taxes in Malta and Malta will be on the winning side.
I am sure that they've done some minimum calculation, didn't just get in love by blockchain just like that.
But it's OK. A rare win-win situation.

[HeRetiK]

Comes to little surprise as Malta is very open in terms of business opportunities that elsewhere get regulated to oblivion. They already play an important role in EU-based gambling licensing, I wouldn't be surprised if they want to achieve a similar safe haven status with crypto.

[Ycekezuv]

Yes you are right.  Malta really seeks to develop this technology and tries to do it, including at the legislative level!

[justspare]

Malta has always been a country that loved the foreign money income. They have gambling places which attracts all kinds of people to go there and gamble. They have online gambling certificates which means anyone can open an online gambling website and just start a business there to make it legit which also provides a lot of money to them. They have managed to get European visa for people who would want one and just ask for certain amount of money for it.

Malta is built upon the idea to make money from foreigners in general. Hence, trying to attract blockchain and crypto people by making everything on that space legal wouldn't surprise me, they would want that money to come to them as well.

[Betwrong]

Open innovation country like Malta will have a chance to be on top of this Blockchain race in the future. Like Switzerland, Japan, South Korea they understand how valuable this technology is, that's why they are making sure that they're doing the right thing. I hope some other strict countries will loosen their ties to open mind and understand the benefit of Blockchain in their economy. 

I think they really see the benefits of not just using blockchain, but the what it can bring to a small nation just like them. As @figmentofmyass, superpower countries are very timid and less enthusiastic because, they're financially stable as compare to 2nd or 3rd world countries. But what we do like about them is that they really spearheaded it for some time now that's why crypto related projects, exchanges are now moving to them.

Fortunately, not all developed countries, are like you said. Estonia, Luxembourg, South Korea, Singapore and Switzerland are known for their friendliness toward cryptocurrencies, and they are developed countries according to the CIA World Factbook. As for others, I think that slowing down the process of crypto adoption is a mistake on their part. Not keeping up with the progress, they may end up losing their positions as leaders in the economic field.

[millensharon8]

It is actually a very interesting play I must say and the truth of it all is that this is a country that realize pretty much the benefit they are going to be deriving from the adoption of blockchain technology as well as cryptocurrency in their country. Businesses are popping up daily within the blockchain sector and of course will be looking for friendly environment, and this kind of step they have taken is one thing I see only a smart government taking.

[1NV3ST0NM3]

Bitcoin, cryptocurrencies and blockchain have already been embraced by the government and people of Malta — which has tried to establish itself as the world's "blockchain island." Now, in an address to the United Nation's General Assembly, Malta Prime Minister Joseph Muscat has said he sees blockchain technology as the tool which will allow bitcoin and crypto to "inevitably" gain widespread, mass adoption and become the future of money. Muscat has previously said he believes bitcoin and blockchain have the ability to eliminate third party service providers, giving users more freedom over information and money. “I passionately believe technology revolutionizes and improves systems," said Muscat. "This is why in Malta, we have launched ourselves as the blockchain island.

Malta's attitude to bitcoin and blockchain has been praised by the global cryptocurrency industry, with the CEO of Binance, Changpeng Zhao, saying the company will be investing in Malta to help grow its local blockchain industry and local cryptocurrency companies.

(Source: https://www.forbes.com/sites/billybambrough/2018/10/01/massive-inevitable-bitcoin-prediction-made-by-maltas-prime-minister/#6c27cafe1b82 )

It is really good that Malta has made such an initiave and a friendly move towards crypto acceptance and has really set an example for other places who are not welcoming the crypto change with open arms. Malta's PM obviously can now expect a flourished economy for his country and his vision is really farsighted and admirable. Muscat has led his people to such a vision and they now have realized how far they can go with this modern virtual world.

P.S.: This blockchain island of the world is doing really well!!