Malta: The Next Place For Crypto Startups?

Prime Minister of Malta Joseph Muscat has recently revealed plans to reestablish several cryptocurrency businesses in his country’s jurisdiction. Malta already has pro-blockchain legislation and existing regulations around cryptocurrency, making this announcement an outreach for more cryptocurrency companies to locate in the Mediterranean country.

Muscat’s announcement came during a political rally in Mqabba last weekend, where he stated he was in ongoing discussions with potential investors in the sector. The prime minister relayed his interest for Malta to become the initial country to ”take the first step” and have a state-regulated cryptocurrency industry. He noted the numerous jobs that the sector would add to the economy, as well the advantage it would give the education sector for people who wished to pursue a career related to the industry.

Binance are doing it

Meanwhile, popular cryptocurrency exchange platform Binance announced plans to open an office in Malta. In January of this year, Binance produced the highest volume of exchanges of any other exchange platform. In an interview with Bloomberg, CEO of Binance Zhao Changpeng described Malta as ”very progressive when it comes to crypto and fintech”.

Zhao went on to discuss the practical nature of the countries cryptocurrency legislation for businesses, describing it as ”logical and forward-thinking”, predicting Malta to be the next place for innovative blockchain companies to do business. Although not the first crypto company to headquarter in Malta, the transition hit the headlines because of the size and prominence of the company.

The Maltese prime minister made clear that companies would not be establishing themselves in the country for tax benefits, but because of the crypto-friendly legislation and welcoming capacity of the government.

Muscat’s call for cryptocurrency companies to headquarter in Malta follows the implementation of arguably lenient gambling legislation. The legislation executed was thoroughly constructed, successfully making the country an international gambling hub.

Considering the country’s previous success legislation for a strong gambling sector, progress so far indicates they will manage to achieve the same for blockchain companies.

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