Malta takes the most active steps in order to become one of the most advanced states in the world in terms of blockchain and cryptocurrencies. The Prime Minister of Malta, Joseph Muscat, said that the state wants to diversify the economy and double down on the blockchain industry.
At the same time, politician specified that the state calculates all the risks of this process. Muscat stressed that Malta offers expedited approvals without unnecessary bureaucratic delays for digital players to create a shop on the island.
It is worth noting that Malta has already successfully created the most comfortable crypto jurisdiction. A number of well-known platforms, for example, OKEx and Binance, transported their offices to the island state. The Maltese Parliament has also developed comfortable legislation regarding crypto and blockchain companies.
By the way, the Prime Minister of Malta, Joseph Muscat, is known for being a fan of digital assets and blockchain. However, because of this, he even became a victim of scammers. They created a fake Prime Minister account on Instagram and on his behalf invited people to contact a user named Wang Wei to take part in the Bitcoin investment scheme, promising an unprecedented profit in a month.
WHY IS IT IMPORTANT?
- In 2018, the state bodies of Malta took on the course for the economy's digitization and the settlement of the legal status of the country's cryptocurrency. The main difference from other similar initiatives the authorities of Malta call their wide and strategic interest in the blockchain as a whole, which is not limited to the organization of the turnover of cryptocurrencies.
- In mid July, the founder of the world's largest crypto exchange Binance billionaire Changpeng Zhao announced plans to open the first decentralized bank in Malta. Thus, Malta is trying to transfer the center of the crypto trading world to Europe and while, it seems that Asia is winning this battle. The legal framework developed by Malta puts many eastern countries that have not yet decided on crypto regulation at a disadvantage.