While large countries argue and reflect on the way of effective monitoring, control or prohibition of cryptocurrency, the tiny Mediterranean island of Malta is going to turn into blockchain capital of the world.
The issue of regulation and promotion of the cryptocurrency of Malta is way ahead of most of its competitors.
According to Prime Minister Joseph Muscat (Joseph Muscat), crypto-currencies is «inevitable future of money» and they will form the basis of the future of the world economy.
Officials of the state also understand that the benefits of cryptocurrency you can use now.
Malta with their fair and clear regulation has gradually turned into a very attractive place for many cryptocurrency exchanges and companies. The government States that it intends «to offer legal certainty in the unregulated space.» Moreover, the island is very tempting tax rate is just 5% for international companies.
The struggle for supremacy
It so happened that now Malta is becoming a direct competitor to the main cryptocurrency harbors — Japan, South Korea and Hong Kong – each of which is a lot of the major cryptocurrency exchanges.
The undisputed leader at the moment is Japan, with its focused on cryptocurrency regulation, aimed at addressing fraud and theft and protecting consumers and stimulating development of the industry. South Korea and Hong Kong aren’t so strongly, and that plays into the hands of Malta, giving her the opportunity to prove his leadership.
Competition from Europe is Switzerland. This well-known low rates of taxation, the country plans to introduce the regulation of primary offerings of tokens (ICO), and created their own «Cryptocoryne».
The announcement that one of the world’s largest exchanges – Binance is going to move to Malta, has excited the entire cryptocurrency market. About similar plans announced exchange OKEX, German blockchain company Neufund and focused on the digital currency games platform The Abyss.
The founder of the cryptocurrency Tron Justin (Justin Sun) also officially announced that «seriously considering» moving to Malta.
The Maltese partner of GTG Advocates Ian Gauci (Gauci Ian) describes the situation as follows:
«We expect that Malta will attract many companies, this interest will be wide-ranging and not limited to crypto-currencies».
In early November on the island planned to hold the international blockchain summit, which is to bring to Malta more attention participants of the cryptocurrency space.