With key players from the world of crypto trading, making moves to call an island nation home, Malta has become a hub for the activity. According to some blockchain experts, like Christian Ellul, cryptocurrency exchanges have started using Malta as the jurisdiction of choice. Most exchanges started eyeing for Malta because of the strong investment, which Binance made.
Binance is among the largest and popular cryptocurrency exchanges globally. Other than Binance investment, there are other reasons why Malta is the leading hub for cryptocurrency companies. Some of these reasons include:
1. Legal Trust and Certainty
The Malta Digital Innovation Authority will validate blockchain forums that companies in the country use. The authority will be tasked to verify every transaction by checking whether or not the logged data is genuine.
The government also hopes to bring peace of mind to companies using ledgers for cross-border transactions. To avoid the worry of certifications, the Malta government has provided ‘legal trust and certainty.’
2. Packed Summits
Industry delegates across the world attend cryptocurrency conferences organized on the island. These conferences attract more than 6,000 delegates, putting Malta an attractive center to a substantial number of operators in the crypto world.
Other than offering executives and companies networking opportunities, the Malta Blockchain Summit also works hand in hand with initiatives like Malta Enterprise.
For every crypto company that decides to invest in Malta, a lot of job opportunities are created because of the increased demand for professional services. Some local businesses, which provide branding, real estate, and legal counsel, are better positioned to benefit from the crypto boom.
This helps to circulate money in the Maltese economy while reducing the unemployment rate from 4% to 2% in the few years to come.
4. Blockchain Strategy
Malta Island has been presenting itself as a crypto center of choice for different avant-garde and innovative technologies. The island uses its geographical location, strong skills, entrepreneurial spirit, and weather conditions to serve as the test-bed for foreign companies and sectors to examine their products and new technology locally.
Marking itself as the world-leader in the crypto industry, Malta anticipates changing the government’s perspective to also adopt innovative strategies and technologies.
5. Financial Support
The MFSA (Malta Financial Services Authority) is the leading regulatory board responsible for the ongoing licensing and oversight of crypto companies on the island. The financial authority leads the way by developing FinTech Innovation Hub and FinTech Regulatory Sandbox, providing companies with a podium to explore their business solutions and new ideas in a good environment.
The MDIA also seeks to develop and support the innovative technology industry on the island. This promotes the ease of accessibility or expiry of participation from all arrangements.
Malta is among the first nations to realize that cryptocurrency is the future. Because of that, it has made great strides to establish itself as a center for this ever-growing sector.
The country is also embracing technology’s innovation, and it has become a pioneer in establishing legislation in the sector. This is why the island is on the leading to become the ‘cryptocurrency center.’