Lately, Malta has gained a reputation of a blockchain haven. Europeans even call it “the world’s first blockchain island”. Country’s Prime Minister Joseph Muscat even said that cryptocurrencies are ‘the inevitable future of money’ and will form the base of a new economy in the future. Even though politicians can only make assumptions and talk about future in a fairy-take way, in the short term, the arrival of cryptocurrency companies in Malta already brings jobs and economic activity. Binance — the world’s largest crypto exchange by traded value, confirmed it will “eventually hire up to 200 people” in Malta to carry out its relocation from Hong Kong.
Although all these news are somehow exciting, the regulatory uncertainty is still a big problem when it comes to cryptocurrencies and blockchain technology in different jurisdictions all over the world.
What’s outstanding in Malta?
Malta’s Junior Minister for Financial Services, Digital Economy and Innovation, Silvio Schembri, said that Malta is providing the necessary tools so that companies in this sector can operate. On July 4th, 2018 the island country passed 3 bills into law, establishing the first regulatory framework for blockchain, cryptocurrency and distributed ledger technology (DLT). This is a huge step ahead for the Maltese Government as Malta becomes the first one in the world to provide a set of regulations in the blockchain, cryptocurrency and the DLT space. The rules will cover how brokerages, exchanges, asset managers and traders operate, making them among the broadest set of regulations for the industry. “The proposed framework will offer legal certainty in a space that is currently unregulated,” the government said.
A national tax policy that permits international companies on the island to pay a rate of as little as 5 percent doesn’t hurt, either.
How do Malta’s rules compare with those of the EU?
The EU authorities are looking at cryptocurrency regulation but so far haven’t revealed any details in this regard. That’s given Malta the chance to take the lead in drawing up its own framework.
Malta is also trying to directly attract blockchain businesses at the highest level. This is a strategy that manifests through the latest crypto event happening in the beginning of November — Malta Blockchain Summit! The event is a huge example and a statement as the leading Malta authorities will also attend and discuss the hot topics around Blockchain.
Meet Evedo during Malta Blockchain Summit
In addition to a fine selection of carefully curated exhibitors, a line-up of some of the most influential movers in the crypto-world have signed on as speakers. Evedo would also take the chance to present and talk more about the future of events and event organizing! Malta Blockchain Summit is literally just around the corner and we can’t wait to meet and engage more with our growing community.
We would be happy to explore Malta with you and engage in a fruitful conversation about events. And also — all the updates surrounding our platform.
Check more about the event here:
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