Binance Welcomed In Malta After Exit From Japan
Binace which is currently the largest cryptocurrency exchange in the world has set up shop in Malta where it has been welcomed with open arms after regulatory conflicts in Japan.
The company decided to move its operations to Malta following its recent fall out with regulators in Japan involving a crackdown on the exchange. This caused the price of Bitcoin to drop by about 4 percent on Thursday after the news of the crackdown, thus highlighting the huge impact that the Binance Exchange has on the market. The exchange has thus decided to carry out its activities in a different country so that it can avoid being tied down by regulatory wrangles.
Fortunately for Binance, Malta is very open-minded about the headquarters of the exchange being located on its soil. Silvio Schembri, the Parliamentary Secretary for Digital Economy, Financial Devices and Innovation in Malta stated that the country is still optimistic and confident about cryptocurrency. He was speaking during an interview when he also added Binance will provide Malta a lot of opportunities to grow and evolve in the blockchain landscape especially now that it has its headquarters in the country.
The move is also courtesy of Malta’s recently launched policy aimed at offering a regulatory framework for operation based on decentralized ledger technologies (DLT). The fact that Binance has decided to set up its headquarters in Malta is a big win for the country. It means that Malta’s approach towards DLT and the cryptocurrency market makes it is currently one of the most attractive places as far as openness and favorable cryptocurrency regulations are concerned. Malta’s Prime Minister even highlighted the country’s positive view on blockchain-based businesses.
Muscat Tweeted: “Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world-class fintech companies.”
Malta is currently working on creating a digital innovation authority which will focus on creating a legal framework for Initial Coin Offerings (ICOs) as well as providing certification to blockchain firms. Recent reports also claim that Binance is also providing guidance to the country’s government on blockchain and cryptocurrency-related matters. Meanwhile, Malta is among the list of countries that are embracing the cryptocurrency movement. Estonia has been contemplating the idea of its own cryptocurrency exchange while South Korea is holding talks to discuss the possibility of ICOs being legal in the future.