The wonderful country of Malta has earned its place in crypto and blockchain history as being the first country to be progressive in regulating the industry in a positive way. In a press conference just today, June 4th, the country’s Prime Minister, Joseph Muscat confirmed that the country’s parliament will favor and approve 3 cryptocurrency bills that are crypto and blockchain friendly. The P.M added that the bills will pass the third and final reading during today’s evening session to become law.
The Parliamentary Secretary for Digital innovation and Finance, Silvio Schembri, is quoted as saying the following with regards to the bills:
This is the last stage of the legislation that will put Malta on the international map for blockchain and crypto regulation. There is political consensus on this roadmap and we are foreseeing that this area will be the mainstay of our economic growth for the next 4-5 years.
He would later express his excitement via twitter of the new move by his home country.
— Silvio Schembri (@SilvioSchembri) July 4, 2018
From a crypto enthusiast point of view, the country of Malta and its legislators deserve a round of applause for their progressive actions. The country has also attracted two prominent crypto exchanges into opening shop in the country. The first one is Binance which plans on seeking banking partners in the Mediterranean country. Binance CEO Changpeng Zhao was enthusiastic about the move when he stated that:
We are very confident we can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech.
The second crypto exchange to be attracted by the friendly regulations in Malta is BitPay. The exchange is the largest in Poland but now seeks friendlier jurisdictions in Malta. This is after banks in its home country refused to offer services to the exchange. The exchange expressed its regrets with regards to local banks not wanting to do business with them in the following statement:
The activity of the BitBay exchange in Poland requires cooperation with Polish bank. Unfortunately, the last Polish bank ready to provide bank services undertook unilateral decision to finish the cooperation with BitBay with the effect at the end of May. In those circumstances, the continuation of providing high-quality services by BitBay exchange in Poland is no longer possible.
In conclusion, Malta has set precedence for all global countries considering cryptocurrency and blockchain regulation. The upside of the country being friendly to crypto and blockchain – besides the added revenue from the new businesses – is the good P.R that will in turn bring crypto tourists into the country. Picture yourself next summer on a beach in Malta during a vacation paid for in BTC or XRP.
[Photo, Malta PM, Joseph Muscat. Source, ccn.com]
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