Over the past months and at present, the tiny European nation of Malta (smallest EU member and Island) has become a mainstream attraction and hub for cryptocurrency activities. This revelation comes with a host of activities which evidently prove this point; from favourable crypto legislation, government backing, Blockchain technology utility and influx of crypto firms, crypto real estate buys and much more; the nation looks set to be the World’s foremost and most friendly cryptocurrency hub amidst the hostile reception from a few other nations.
Malta’s Crypto Legislation
At this time, Malta has given express legal clarity as regards operations in the crypto industry for users, traders, exchanges and start-ups and this favourably legislation has made the nation an attraction for Blockchain enterprises. In June 2018, the Malta parliament approved three (3) bills which clearly detailed guides for ICOs, distributed ledger technology (Blockchain), cryptocurrencies and prerequisites for setting up crypto-based businesses in Malta.
Home to Blockchain and Crypto Businesses
Consequent to its favourable legislation and conducive business environment, Malta has attracted a host of crypto firms with exchanges like Binance, OKEx both owning physical business platforms in Malta and as in the case of US based Bittrex being shareholders in a Malta-based Blockchain company (Palladium). Also other start-ups like US Company TRON, German start-ups Neufund and The Abyss are seriously considering investing and operating in the country. This influx is sure to continue in the long term.
Crypto and Real Estate
The country has also set a new trend for cryptocurrency buys with the most recent being Today’s sale offer for a huge palazzo mansion in Valletta capital of Malta. The 860 square-meter historic mansion is priced at $3 million (550 BTC) with only Bitcoin payments accepted and this is one of many Btc sales and building renovations carried out; as the capital city looks to get a new look. Extensively, Malta’s real estate firms QLZH and Engel & Volkers have both expressed interest in Blockchain technology for property management.
The University of Malta had early this week launched a EUR300,000 Blockchain Scholarship Fund. The deal which had the Malta information Technology Agency (MITA) in partnership, will provide funds and full sponsorship for students who wish to pursue studies in Blockchain and Distributed ledger technology in the forthcoming academic year and will last over a 3-year period; the scholarship also looks to attract Blockchain companies to Malta as human resources and technical experts will be available in the country especially for job roles in the crypto industry. Also the country looks set to host series of Blockchain conferences which will further enlighten its populace
A huge plus to the Malta crypto romance is the active participation of its government and officials in all crypto projects. From Prime Minister Joseph Muscat who attends crypto meet ups and launch events, to parliamentarians and junior ministers who head crypto legislation and project committees respectively; it is obvious that cryptocurrency has found a home in Malta. According to government sources, the government aims to pitch Malta as the foremost “Blockchain Island” and in every sense of the word.
From all deductions this move by Malta looks certain to yield wholesome benefits; and for the wider crypto community, Malta’s doggedness is a confidence booster on the potentials of Blockchain technology and cryptocurrency in the long term.