Why we have slow steps about convincing governments to accept bitcoin? - page 3.

Darker45

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Quote from: Slow death on February 21, 2020, 01:24:48 PM

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

I don't think this is everything to do with Malta becoming unfriendly toward crypto or has been misleadingly appearing to be friendly toward crypto all this time. It may be possible that the replacement of PM Muscat will have an effect to its crypto-friendly environment if the new sets of officials are really apprehensive about being too open and friendly to crypto. But for as long as the crypto-friendly laws of the territory are there not at all repealed, Malta remains to be a haven for crypto companies.

The way I see things, it is on the part of Binance that everything falls short. I guess Binance is not really interested to comply with everything that the government is asking. Not to mention that they seem to be maintaining a mysterious existence, and they very much prefer it. They seem to be content with the status quo until they are called out for noncompliance or that they are operating illegally. It is only when things like this happen that they come out either defending themselves, brushing aside the news as FUD or misleading, or making another way out.

Yatsan

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Are we really slowing down? No, the adoption process do really takes time before making it to the real world, it is not instantaneous just because the time is good. It is clear to us now that we are going to use a digital currency in the future, as fiat currency or bank notes will be a threat to our health security. What government is doing is testing its job to fully put it under the law and regulate it under their hand.

Quote from: Kelvinid on February 21, 2020, 05:19:30 PM

This is not just a political related issue but more about money IMO. There is no such related issue before and I think crypto projects are welcome in Malta and quite it looks different by now. This regulatory board may have to chase something for crypto owners and giving no option for them to follow the rules or have money under the table to play. Maybe I was wrong but in the current situation, I think they are looking it to happen since knowing that crypto is a growing market and these people would like to get some share also.

Politics, this is maybe the very reason why such thing is happening in Malta. I don't know that much with Malta but it seems like they already lost their patience or lost something huge with crypto like projects or investment. Money talks figuratively, maybe there are businessmen who already commit mistake with running crypto and does not want it to be a thing in Malta. I'm trying to conclude what is happening in Malta because this might be the regretful part in the future when we are all using crypto by any means coz major countries like Russia is already testing some platform and creatimg laws for cryptocurrency.

Kelvinid

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win lambo...

This is not just a political related issue but more about money IMO. There is no such related issue before and I think crypto projects are welcome in Malta and quite it looks different by now. This regulatory board may have to chase something for crypto owners and giving no option for them to follow the rules or have money under the table to play. Maybe I was wrong but in the current situation, I think they are looking it to happen since knowing that crypto is a growing market and these people would like to get some share also.

bittraffic

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There must be some changes to their stand to crypto business after all exchanges are making money and if more exchanges are choosing Malta due to their lose-tight regulation, it could be a reason Polo and others come to set up an office as well. It really look like every time they go elsewhere the government will be after them. Looks like a political issue. So where will binance go now if they are to go where crypto isn't heavily opposed?

alani123

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Quote from: Slow death on February 21, 2020, 01:24:48 PM

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

Malta in specific has a history of having corrupt officials. They are indeed very crypto friendly, hell, they even outright sell passports. They get fines from EU for being too liberal with selling EU rights to the highest bidders, but obviously their profits are higher. I bet that this time around they say so about Binance because of some schematics that would require the exchange to pay more directly to the government.

Bitcoin doesn't need to be accepted by governments for it to function. That's among its core values.

squatter

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STOP SNITCHIN'

Quote from: eaLiTy on February 21, 2020, 01:41:57 PM

Considering it as the biggest exchange in the market it is interesting how they are going to deal these situations, these resembles the Liberty reserve situation when Costa Rica denied their license and then the shit storm started and ended up getting confiscated. CZ been the loud mouth he is i am waiting to see his response.

CZ just put out a statement:

Quote

“There is a mix of truth, FUD & misconception. http://Binance.com is not headquartered or operated in Malta. This is old news & has always been the case, hence there is quite a bit of FUD turning this into a breaking story. The community’s comments show that understanding.”

That's kind of shady. The entire ecosystem has been repeating that Binance is based in Malta for the last couple years. They never thought to correct that apparent misinformation?

Examples:
Malta Today: Why world leader crypto exchange Binance moved to Malta
Bloomberg: World's Biggest Cryptocurrency Exchange Is Heading to Malta
Fortune Magazine: Cryptocurrency Exchange Binance Moves to Malta, Where the Prime Minister Is Welcoming It With Open Arms

I was wondering why Binance wasn't responding to AMLD5 requirements. There's the answer -- they aren't operating from the EU at all.

eaLiTy

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Quote from: Slow death on February 21, 2020, 01:24:48 PM

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

Considering it as the biggest exchange in the market it is interesting how they are going to deal these situations, these resembles the Liberty reserve situation when Costa Rica denied their license and then the shit storm started and ended up getting confiscated. CZ been the loud mouth he is i am waiting to see his response.

squatter

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STOP SNITCHIN'

Quote from: Slow death on February 21, 2020, 01:24:48 PM

today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

According to the statement, this isn't the first time the MFSA has said they don't regulate Binance. They are apparently "reiterating" it, although I can't say I remember that.

Something tells me that EU regulators are questioning the MFSA in regards to AMLD5 requirements as they relate to Binance. Malta is either washing their hands of the situation, or Binance wasn't being entirely truthful about "moving" to Malta in the first place.

Slow death

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today I read this shocking news:

Binance is not authorized to operate in malta financial regulator says

This means that the history of Malta being friendly with cryptos is far from being true, that is, we are still walking very slowly in relation to convincing governments to accept bitcoin. I wonder how this story will end?

Topic: Why we have slow steps about convincing governments to accept bitcoin? - page 3. (Read 652 times)