One of the fastest-growing locations for entrepreneurs to invest in cryptocurrency and start their businesses is in Malta. This is thanks to the country’s supportive government which views cryptocurrency as an opportunity to grow their economic strength instead of something to bombard with regulations that impede its progress. They’ve taken advantage of the explosive growth of cryptocurrency by forming new regulations that are favourable to the industry instead of hindering it, and this has attracted many pro-cryptocurrency entrepreneurs all around the world.
Christine Lagarde, a French lawyer and politician that has been the Managing Director of the International Monetary Fund since 2011, gave Bitcoin and cryptocurrency an unexpected boost. She detailed a list of global benefits that cryptocurrency could offer, and she wrote in a blog post that cryptocurrencies such as BitCoin can enable inexpensive and fast transactions. She also wrote that the underlying blockchain technology could enable safer financial markets. She has become an instrumental figure in pushing for a wider acceptance of cryptocurrency and its benefits.
Following this publication, the value of cryptocurrency rose greatly, but it’s still unclear just how much of an effect her words had. She also said that “just as a few technologies that emerged from the dot-com era have transformed our lives, the crypto assets that survive could have a significant impact on how we save, invest and pay our bills,”.
Malta is fast becoming the perfect destination for companies with a focus on cryptocurrencies. Thanks to flexible laws and general support of cryptocurrencies, many companies are actually moving their businesses to Malta thanks to their progressive approach to fintech and crypto. Another company, Bitbay, has also spent several months selecting new jurisdiction in the European Union. They decided that Malta was much more friendly to cryptocurrencies as opposed to Poland, where they initially started.
Prime Minister of Malta, Joseph Muscat, firmly believes that cryptocurrencies are the inevitable future of money and that they’ll form a new foundation for the economy of the future. In addition to the long-term benefits that Muscat hopes to take advantage of by inviting cryptocurrency companies and entrepreneurs to Malta, it also provides many short-term benefits. This includes stimulating the economy by offering more jobs to the people of Malta, and it also spurs economic activity across the country. Binance, one of the world’s largest cryptocurrency exchanges, said it will eventually hire around 200 people in Malta to help relocate their company from Hong Kong.
Malta is changing the cryptocurrency landscape by offering exchange owners and users more certainty with their businesses and investments. The rules will change how brokerages, exchanges, traders and asset managers view their business and attract them to move their projects to Malta. There will be a broad range of regulations for the industry and the framework will offer legal certainty. For now, it looks like the future of cryptocurrency is in Malta, especially if you want more safety and a progressive government that supports the growth of cryptocurrency instead of preventing it from growing larger.