Offshore Crypto
Cryptocurrency exchanges have started making their way to Malta, following the comments of the Prime Minister of Malta, Joseph Muscat, regarding cryptocurrencies as the “inevitable future of money” and the country’s positive steps towards the crypto asset market.
Binance, one of the largest cryptocurrency exchanges in the world (with a daily trading volume of $1.4 billion), became the first cryptocurrency exchange to move from China, where it is headquartered, to Malta.
According to Bloomberg, the Hong Kong-based company plans to open an office in Malta in the near future. In addition, it is stated that the company has recently made agreements with local banks in the country to facilitate withdrawals.
Bigger Isn’t Always Better.
While countries around the world are trying to figure out how to regulate the highly promising cryptocurrency market, China has taken a different route, choosing to ban ICOs and shut down cryptocurrency exchanges.
Malta, which is an offshore tax haven and one of the smallest countries in the European Union, is trying to attract cryptocurrency exchanges to the country by using all the means at its disposal. Right now, it has opened every door to welcome Binance.
The Future of the Maltese Economy
The Prime Minister of Malta, Joseph Muscat, says that crypto assets are both an inevitable part of the future and he also believes that the future of the Maltese economy lies in them.
The country is working hard to adopt the most crypto-friendly regulations worldwide, promising legal certainty to crypto-asset exchange holders in a largely unregulated space.
By taking these steps, Malta has undoubtedly managed to attract the attention of crypto sympathizers and investors in this field. The main question to ask here is whether investors and other exchanges will follow in Binance’s footsteps.
If all goes as planned, Malta could become a crypto haven in the near future.
