Malta made a very serious bet on cryptocurrencies and blockchain this year. Local lawmakers’ hard work to provide the bench of legislative acts helped the island to achieve a serious success, such as the opening of major cryptocurrency exchange Binance office. Representatives of Binance said that they were also considering other countries, but Malta offered the best conditions.
Silvio Schembri, Junior Minister for Financial Services, Digital Economy & Innovation within the Office of the Prime Minister of Malta, sees that Binance’s presence in Malta sustains their vision of making from the country “The Blockchain Island”.
“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. It is obvious that Malta has become a natural point of reference on the international sphere and companies such as center will continue to look into Malta to further expand their operations or establish a base.”, he said.
Another aim why Binance is moving to Malta is to reduce the risk associated with centralization, and providing customers with decentralized and reliable solution not only because of the growing demand for maximum security and transparency, but also because of the competition, which soon will face a centralized platform in connection with the advent of projects such as Polkadot and Cosmos Network.
“Binance’s decision is a vote of confidence in what we’re offering as a country and as a Government in this sector, that is legal certainty in this space. During the meeting with CZ (Changpeng Zhao, the CEO at Binance.- CoinLaw) I explained our long-term vision reflected in the policy document that was launched in February, ‘Malta – A leader in DLT Regulation.’ We are not shying away but instead want to unleash the opportunities that hold by regulating the sector without stifling innovation,” said Schembri.
Changpeng Zhao stated that the Binance team “were inspired by the logical and forward-thinking nature of Schembri and the rest of the Malta government.”
“After meeting with Parliamentary Secretary, Mr. Silvio Schembri, we were impressed by the logical, clear and forward-thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies and a centre of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta,” Zhao said.
Cryptoexchange Binance hopes in the near future to reach agreements with financial institutions of Malta and make a deposit and withdrawals in the coming months.