The European island of Malta, just below Italy and above Africa, is quickly becoming the world’s first blockchain powered island. For the past few months, there have been numerous reports of major blockchain companies and crypto exchanges setting up shop in Malta—but why, why a Malta blockchain island? Opportunity cost.
The Government of Malta has recognized blockchain as the technology of the future and now wants the tech to be the central part of its economy. The island has been recently deemed one of the best countries to relocate and start new companies surrounding cryptocurrency.
The Maltese government has made it extremely easy for businesses to start a company and is quickly attracting top tech talent from around the world with its latest blockchain parliament movement. Residency and citizenship programs are easily accessible, and residents of the island are put under a 15% tax bracket—regardless if they are based in Malta or not. This is a huge incentive to bring big talent to the beautiful Mediterranean country.
Passed Bills, Exchanges, & Movement
Two weeks ago, four bills surrounding blockchain were approved by the Maltese parliament, setting the country far ahead of many major crypto hubs. Before the approval of the government blockchain framework, two of the largest cryptocurrency exchanges by trade volume, Binance and OKEx, had already announced plans to move their operations to Malta.
With the exchanges moving in, more quality jobs will be available to Maltese residents, which should further drive the Maltese economy upward.
Today, the Malta Stock Exchange announced that the MSX, the innovation part of the group, is developing two new platforms for trading and listing security tokens.
— Malta Stock Exchange (@MaltaStockExch) July 19, 2018
Neufund has been developed in partnership with Binance, and OKMSX is currently in collaboration with OKEx.
“Malta is taking the helm of regulating the blockchain technology and cultivating a regulated cryptocurrency and ICO epicenter. This joint venture marks our confidence in the Maltese government as well as our commitment to providing an efficient, secure, and transparent blockchain trading environment to clients worldwide. We believe OKMSX will be a milestone in the economic development of Malta,” said Tim Byun, Chief Risk Officer and Head of Government Relations at OKEx.
With the country’s latest crypto movements, it has easily put itself as the star contender to become the world’s first blockchain island.
What do you think about a Malta blockchain island?
Featured Image: Depositphotos/© zoltangabor