The Blockchain Island: Malta

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Governments around the world have found themselves with the need to address the creation of policies regarding the acceptability or not of so-called cryptocurrencies.
Few countries have accepted cryptocurrencies and are creating an environment conducive to their prosperity, and in fact some countries have already banned them outright.
Detractors
The ban in 2017 by China on ICOs (Initial Coin Offering ) , a mechanism for financing a project over the Internet through the mass sale of a crypto asset, was a huge blow. cold for the sector, and shortly after this news broke, crypto prices sank.

After China, South Korea took the same direction and the European Union and the US began to study the need to regulate the cryptocurrency market.

In this context, companies in the sector looked to Japan.

Unlike its Asian neighbors, Japan has had favorable regulations for cryptocurrencies , although new, stricter regulations have recently been introduced to curb hackers.

All of this has forced some of the largest Blockchain and Fintech companies to begin searching for friendlier jurisdictions.

Perception about Malta
The countries in the world that have the greatest technological advances are China, Japan, the USA, South Korea and the main EU countries.

When Malta is mentioned, technology is not usually the first thing that comes to mind.

Things, however, are not what they seem from the outside, as Malta is quickly becoming a hub of digital currency activities.

Malta has policies that greatly favor cryptocurrency exchange platforms.

This is possible due to the Ecuador Mobile Number List fact that the regulatory plans are being formulated with input from cryptocurrency stakeholders.

This move is very strange considering the fact that, in most countries, government agencies hardly want cryptocurrency exchange platforms in their jurisdiction or are still trying to find a way to deal with this emerging technology.

Another reason why cryptocurrency exchange platforms find the small Mediterranean island favorable is the fact that Prime Minister Joseph Muscat is a firm believer in cryptocurrencies and Blockchain technology.

With the influx of giant cryptocurrency exchange platforms like Binance and OKEx, Malta is quickly establishing itself as the top destination for this type of currency and companies in this sector due to its crypto-friendly regulations and frameworks.

The country seeks to become one of the friendliest jurisdictions in the world for the cryptocurrency sector, which has been a cause of concern for other governments.

The Maltese government's regulatory framework covers cryptocurrencies, asset management and exchange platforms.

This would make it the most comprehensive regulated crypto framework in the industry.

Blockchain: Malta
Blockchain: Malta

Malta Digital Innovation Authority
Unlike many other countries trying to get rid of cryptocurrencies, the Maltese government is doing the opposite.

It is opening its arms to cryptocurrency exchange platforms and creating a conducive environment for them to thrive.

At the beginning of the year, the country began making plans to establish the Malta Digital Innovation Authority .

This initiative is being spearheaded by Silvio Schembri, Malta's Parliamentary Secretary for the Digital Economy.

He has already outlined a 3-step process that would see Malta become a crypto powerhouse:
               


Establish the Malta Digital Innovation Authority.
Passage of the appropriate laws that would create the structure for the certification of companies.
Regulation of the ICO market.
According to The Times of Malta , Silvio Schembri said a few weeks ago that Malta is the first country in Europe, and possibly in the world, to present a regulatory framework on DLT technologies - Distributed Ledger Technology.

The framework was ultimately very well received and the response to the public consultation was encouraging.

He also said there was hope of going through the parliamentary process with the bill that will establish the Malta Digital Innovation Authority and also provide legal certainty in this field.

Apart from this disruptive trend that makes Malta an attractive country for the aforementioned investments, the country is well positioned to attract foreign direct investment.