Malta, one of the smallest countries in the entire world, is taking measures to make it the most friendly cryptocurrency regulatory ecosystem on the planet. Binance and OKEx, two of the largest crypto exchanges, picked up and moved their offices from Hong Kong to Malta in hopes of providing fiat-crypto on-ramps for their customers. With political and financial organizations aligned to create a safe haven for the cryptocurrencies.
Maltese prime minister Joseph Muscat’s claim of the “inevitability” of cryptocurrency reflects the Mediterranean island’s attitude regarding the digital future.
I understand that regulators are wary of this technology but the fact is that it’s coming. We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy, said Muscat
With some of the most powerful exchanges moving to the island and a political climate that seems happy to provide friendly regulatory incubation, Malta could very well see an explosion of business and immigration. Instead of fearing the rise of digital assets, Malta has embraced new technologies and the culture that comes along with it.
The reason that Malta has become increasingly appealing to Bitcoin companies conducting business there is not only due to the island’s positive spin on blockchain technology and its open-minded approach to regulation, but also the island’s strong economy. Currently, Malta also enjoys an enviable tax rate of as little as 5% for international companies.
Malta’s location is another reason for its potential as a crypto haven due to its competition with exchange-rich countries such as Japan, South Korea, and Hong Kong. So far, out of these players, only Japan has made significant inroads towards successful regulation and development. Malta is already well positioned to take advantage of other countries’ reluctance to embrace consumer protection measures and development.
Malta host the Malta Blockchain Summit 2018 at the beginning of November. The summit expects 4,000 delegates with Prime Minister Muscat as keynote speaker.