Binance collaborates with Malta Stock Exchange in a bid to launch a security token trading platform. The finance minister of Malta, Edward Scicluna has stated that the country is committed to forming a proper regulatory framework for the cryptocurrency industry.
13 September, AtoZ Markets – The largest world’s crypto exchange by trading volume, Binance, is reportedly collaborating with the Malta Stock Exchange (MSX). The companies are planning to facilitate the security token trading on the “Blockchain Island,” according to the local media reports.
Binance Collaborates with Malta Stock Exchange
Wei Zhou, the exchange’s chief financial officer, has supposedly signed a memorandum of understanding with the MSX’s head Joe Portelli to enable a security token trading platform.
The finance minister of Malta, Edward Scicluna, has praised the cryptocurrency industry in his speech during a press conference. He has stated that the nation is not planning to miss a chance to take advantage of new innovations. He has noted that Blockchain and cryptocurrencies have their risks, “this is not an excuse to let it go by and be taken up by others.”
Mr. Portelli has agreed with his remarks, adding that “whether you like it or not, the technology is here to stay,” during the press conference.
Mr. Scicluna has also highlighted that the country has dedicated its best legal experts to forming a proper regulatory framework for the cryptocurrency industry. To this end, the MSX has established a new entity, entitled the MSX PLC. The latter will be specifically focused on exploring the financial technology and digital assets’ potential.
Binance Maltese Initiatives
Following on this, Binance has been involved with Malta’s officials already for some time. Back in March, the company has announced its plans to establish an office and fiat-to-cryptocurrency exchange in Malta.
Then, in June, it stated that it would support Fintech startups and entrepreneurs alongside the Malta Stock Exchange.
In fact, when it comes to the efficient regulation of the cryptocurrency market, Malta does its best. Just this year, the island has welcomed two of the major cryptocurrency exchanges – Binance and OKEx. Binance has gone the farthest and decided to move its headquarters there.
Malta has welcomed Binance, as the company looks into starting the upcoming partnerships with local banks to allow fiat-to-cryptocurrency deposits and withdrawals as soon as possible. Binance appeared to move to Malta due to the heightened cryptocurrency environment turmoil in Japan, South Korea, and China.
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