Just in case crypto watchers haven’t noticed, a recent exchange report confirmed that Malta hasn’t simply slipped under the radar to become the country with the largest crypto trading volumes worldwide, but is planning to retain this accolade.
Both Binance and OKEx signed agreements with the Maltese Stock Exchange (MSX) to create regulated security token exchange platforms in 2018, illustrating the popularity of Malta as a European blockchain and crypto hub. At the end of 2018, Malta’s Parliamentary Secretary Silvio Schembri announced during Delta Summit 2018 that Malta wants to be leading the cryptocurrency race, not be the last one in.
Figures bear out where Malta stands in the crypto race at the moment, with the country’s exchanges processing just under $40 billion worth of cryptocurrencies by December of 2018; to put things in perspective that’s twice as much as the US, the fifth largest crypto trading hub.
The reason why Malta has achieved this success story is best summed up by Charles Hayter, co-founder of CryptoCompare who carried out the most recent report, claiming Malta has simply “carved out a crypto-friendly regulatory atmosphere,” which is why it is now home to some of the world’s largest exchanges.
Malta is supported from the very top, which is perhaps the most significant reason for its success, with both its prime minister Joseph Muscat, and finance minister Silvio Schembri leading the charge. Muscat has called cryptocurrencies the “inevitable future of money” with Schembri predicting that his country will become the “epicenter of the Blockchain industry.”
Joining Malta, Hong Kong, and the U.S. in the top five was Samoa, despite recent warnings from the country’s central bank that nationals should be careful if investing in digital currencies on the internet.
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