It is not only Malta, but some countries decide to take advantage of cryptocurrency as Uzbekistan[1].
The link between these currencies and the dark activities has been reduced, so some countries are trying to make gains by enacting some laws to attract large companies.
So Malta will not be the only countries to do so. Other countries may offer better opportunities.
[1] Uzbekistan opens the door to Cryptocurrency Exchanges, Offers Tax Benefits
Topic: Why Malta is the most favored Location for Crypto Exchanges? - page 4. (Read 777 times)
You have said it all. They have been quick to recognize that the crypto space is on the forefront of innovation currently, and they have been quick to regulate it. Now, Malta is the first country with totally regulated crypto space. This includes rules about running blockchain technology, exchanges, wallets, ICOs, etc. They say they are not looking at short term gains, they are interested to become a long term destination. People running these new technologies need legal protection, and, as we can see right now, they will move to a country that provides certainty and security.
What I would like to know is how they manage to harmonize this legislation framework with the laws of the European Union, whose member state they are. Correct me if I'm wrong, but as far as I know, the EU doesn't look so favorably at crytpo-currencies.
What I would like to know is how they manage to harmonize this legislation framework with the laws of the European Union, whose member state they are. Correct me if I'm wrong, but as far as I know, the EU doesn't look so favorably at crytpo-currencies.
I'd like to see bigger nations to follow the lessons from this little island and together we can create a great environment for crypto globally. European countries like Czech Republic are also moving in this direction.
You have said it all. They have been quick to recognize that the crypto space is on the forefront of innovation currently, and they have been quick to regulate it. Now, Malta is the first country with totally regulated crypto space. This includes rules about running blockchain technology, exchanges, wallets, ICOs, etc. They say they are not looking at short term gains, they are interested to become a long term destination. People running these new technologies need legal protection, and, as we can see right now, they will move to a country that provides certainty and security.
What I would like to know is how they manage to harmonize this legislation framework with the laws of the European Union, whose member state they are. Correct me if I'm wrong, but as far as I know, the EU doesn't look so favorably at crytpo-currencies.
What I would like to know is how they manage to harmonize this legislation framework with the laws of the European Union, whose member state they are. Correct me if I'm wrong, but as far as I know, the EU doesn't look so favorably at crytpo-currencies.
We have seen some of the biggest crypto Exchanges, like Binance and OkEx moved to Malta and another bigger exchange Bittrex is also considering to open their office in Malta.
But why Malta?
One obvious reason is that the government announced in January that it was in the process of establishing a “Virtual Currency Act” and a “Digital Innovation Authority” and that both will provide a regulatory framework to allow crypto companies to operate.
Malta did similar with Gambling as well and it became a huge Gambling hub soon. Now, Malta wants to attract cryptocurrency businesses to its shores, and has already been successful in nabbing some of the biggest. The government had been promising to set up regulations for the industry and provide a better environment to them in future.
But why Malta?
One obvious reason is that the government announced in January that it was in the process of establishing a “Virtual Currency Act” and a “Digital Innovation Authority” and that both will provide a regulatory framework to allow crypto companies to operate.
Malta did similar with Gambling as well and it became a huge Gambling hub soon. Now, Malta wants to attract cryptocurrency businesses to its shores, and has already been successful in nabbing some of the biggest. The government had been promising to set up regulations for the industry and provide a better environment to them in future.
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