Malta on the Race to Become the Blockchain Capital of Europe
The Republic of Malta is an island with an estimated population of 4,60,000 people and an estimated total area of 316 km square. It is located off the Southern Italian Coast and it can be observed that it is indeed a small island. Even after being a small place, it is gradually heading towards becoming the Blockchain capital of Europe and might even become the Blockchain capital of the world in future, overtaking the likes of big players like Japan, Singapore, and South Korea in the crypto race.
The authorities have been working towards strengthening the legal frameworks for the growth of cryptocurrencies. They have been building a cryptocurrency and blockchain community by allowing expansion of a community composed of innovative and enthusiastic Blockchain based startups. Highest cryptocurrency trading volume comes from Malta alone.
How are Maltese authorities working?
The MFSA (Malta Financial Services Authority) has been working since 2017 to facilitate blockchain technology by producing legal frameworks. And now in 2018, the Parliament of Malta also drafted three new bills related to cryptocurrency to ensure that the operations of blockchain based businesses are within the MFSA framework. In contrast to strict regulations of Japan, the regulations in the island are not used to hamper the blockchain businesses but rather they are used for their benefit. They are also ensuring that the framework is continuously adapted through working with blockchain based companies.
What are the Recent Developments?
While Binance, the world’s largest cryptocurrency Exchange, has expanded its presence in Jersey today, it also has a presence in the island country. Ethereum’s co-creator has invested in a new Maltese blockchain project. BitBay, Poland’s largest cryptocurrency company, relocated to Malta this year in May. Malta wants to grow digital innovation space and blockchain.
Malta has been leveraging upon the recent developments taking place in the cryptocurrency and Blockchain world. Malta might create a revolution in future and the world is watching how will it evolve over time.
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