Malta’s PM Joseph Muscat says Cryptocurrencies are future of money, adding that they will create the future global economy’s basis. Maltese officials acknowledge that its friendly cryptocurrency approach will bring a lot of benefits to the country.
24 April, AtoZ Markets – Global nations are presently trying to figure out the best way of controlling and regulating the ever-changing and evolving phenomena of cryptocurrencies. While some have moved to restrict the innovative disruption, others are looking into ways of utilizing the opportunity to benefit from the new technology.
Malta to Become the Blockchain Center
Malta appears to count itself in the latter group, as the country has made it clear that it plans to become the Blockchain capital of the world.
In fact, when it comes to the efficient regulation of 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 appears to move to Malta due to the heightened cryptocurrency environment turmoil in Japan, South Korea, and China.
OKEx has decided to expand its operations to the island.
Malta’s PM Says Cryptocurrencies are Future of Money
According to a number of online reports, the Prime Minister of Malta, Joseph Muscat, has stated that cryptocurrencies are “the inevitable future of money.” He also added that they will create the future global economy’s basis.
Yet, Maltese officials also acknowledge that its friendly cryptocurrency approach will bring a lot of benefits to the country. For instance, Binance is looking to “eventually hire up to 200 people” in connection with its relocation to the island.
Malta has so far been successful in making itself an attractive destination for crypto exchanges and other crypto related businesses. The government claims that it “will offer legal certainty in a space that is currently unregulated.” In addition, the island plans to offer an attractive tax rate at 5 percent for international companies.
It appears that Malta is positioning itself as a direct competitor to major cryptocurrency nations, as Japan, Hong Kong, and South Korea.
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