Malta’s government has taken a proactive approach with regards to ICOs, and crypto-exchange companies. Only last Friday, Binance, a crypto-exchange giant, announced that it will start operating its business in Malta.
Last February, Hon Secretary Silvio Schembri stated that the government is implementing blockchain regulation laws. This legislation will inevitably make Malta the first country in the world to fully regulate companies operating via blockchain technology. Malta’s government is setting up three bills in relation to DLT, one of which focuses on Virtual Currencies.
This needed regulation will provide ICO projects to open up their business in Malta. The government is planning to open up an authority vetting ICO companies using DLT platform. In fact, this authority will regulate such ICOs providing client’s assurance in the business. Although the public consultation is still in process, many start-up ICOs have already targeted Malta to open up their business.
In addition, an Asian-based ICO using blockchain technology has also tweeted the idea of opening their business in Malta. Justin Sun, TRON Foundation founder has praised Prime Minister Muscat’s vision.
During a speech Malta’s Prime Minister, Joseph Muscat said that cryptocurrency will become the “future of money”. Moreover, he continued by stating that he is interested in the concept of cryptocurrency. The aspect of this digital form of currency has brought other means of money from what we are used to.
Dr Muscat asked his audience: “Have any of you ever thought about what gives paper money its value when it’s ultimately just pieces of paper? It is because society attributes value to it. Now some people, who in my opinion are geniuses, are arguing that value can similarly be attributed to virtual currencies.”
The Prime Minister stated that “These blockchain operating companies don’t care about our taxation system but are coming to Malta, because of our innovative regulatory structure that will certainly be the first, and I think also the best, in the world,”.
If Malta’s government will continue supporting this new approach, the island will inevitably see more companies using blockchain technology embarking on Maltese shores.
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