Cryptocurrency Investors migrate to ‘Blockchain Island’

By October 30, 2018 No Comments

Cryptocurrency investors move to the ‘Blockchain Island’ – Malta.

Malta earned the title after becoming the first jurisdiction in the world to implement blockchain regulations. Also, the Mediterranean island is the headquarters of two famous exchanges, Binance and OKEx. Most recently, ZBX set up offices in the rising crypto hub.

The Maltese Parliament passed a law setting the framework for blockchain distributed ledger technology (DLT), cryptocurrency and digital assets in July this year. Malta is one of the world’s smallest and densely populated countries.

Blockchain Summit

The massive scale of the Malta Blockchain Summit, which takes place this coming week (November 1-2), reflects the new-found momentum. In last December, Malta started discussing their plans for the summit. The blockchain summit will see many banks and some big names in venture capital (VC) space attending the summit. The summit is set to take place at the InterContinental Hotel at St Julian’s on the island. The event consists of four conferences over the two days:

  • A Regulatory conference;
  • A Marketing and Investment conference;
  • A Developer and Technology conference; and,
  • A Tokenomics and Crypto conference.

Crypto exchanges and Malta exchange

Binance, the largest crypto exchanges by trading volume, signed a Memorandum of Understanding (MoU) last month with MSX Plc, the fintech and digital asset subsidiary of the Malta Stock exchange. The memorandum discusses plans of Binance extending its  business to Malta, in recognition of the country’s crypto regulatory climate. Changpeng CZ Zhao, CEO of Binance was quoted saying :

“Malta has become a global hub for blockchain technology through active and transparent crypto regulations.”

5,000 delegates, along with hundreds of investors, around 100 speakers, and some 300 sponsors and exhibitors are expected to attend the huge event in a few days time. The Malta Blockchain Summit will set the stage to announce the new crypto, ICO and blockchain regulations for Malta, as well as the potential applications of blockchain across a myriad of industries such as entertainment, government, and banking.

Positive Response

There are various reasons that allure the vast number of various blockchain related companies to escape to Malta. The reasons include the forward thinking approach of the government towards blockchain regulation and their low corporate-tax. Also, the government is a part of the European Union zone which attracts many companies.

Coinvest, the crypto investment trading firm, is planning to join hands with the Maltese government to establish a blockchain council. Additionally, the new regulatory framework also supports ICO companies in their financial products, attracting many new and innovative projects to set up their base camp on Blockchain Island.

Introduction of New Bills

Three new decentralized ledger technology bills are expected to come into action. The bills include:

  • The Malta Digital Innovation Authority Act,
  • The Innovative Technological Arrangement,
  • Service Act and
  • The Virtual Financial Asset Act.

The Summit is already on its way to become an annual landmark event in the global blockchain calendar. It is also expected that the summit will be hosted in 2019 as well.

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