Why Malta Is Gaining A Status As Global’s Major ‘Blockchain Island’
Most governments all over the world are uncertain about cryptocurrencies.
The Mediterranean archipelago of Malta is one of the nations that have shown great interest on the issue of Blockchain. The country has approximately over one hundred and seventy thousand citizens. The country is attracting business people, resources and talent from different regions of the world. Before the end of the year, the state is expected to launch its initial blockchain event. The occasion will take place during the first week of October. The occasion will attract 75 key note speakers and 1500 attendees. The country’s prime minister encouraged individuals to lean about the nation’s effort of being a pioneer in this field.
Why most businesses are investing in Malta
Last year, Binance and OKEX moved their businesses to Malta. They are the world’s biggest cryptocurrency exchanges. Tron and Abyss were greatly influenced by the decisions of the two entities. They are now considering shifting their operations to Malta. These corporations have been attracted by the government’s commitment a robust supervisory framework for cryptocurrency firms. The written regulations will assist in monitoring the industry that has operated for long without laws. The absence of rules has created a lot of confusion in the industry for a while. Prime Minister Muscat observed that cryptocurrencies will be inevitable in the future.
The government should create a favourable business environment for blockchain entities and cryptocurrency exchanges. The move shall help to decrease the problem of unemployment in Malta by creating over two hundred new jobs. Other nations from different parts of the world might be motivated to invest in Malta. The measure is likely to reduce unemployment rates from the current 4.4% to even lower rates. Malta is not relying on cryptocurrency companies alone to stimulate investments in the nation. The country is also keen on building the economy through invention. The state developed three bills this year that could make it easier for firms to issue fresh cryptocurrencies. Finally, Malta’s long-term goal is to move the blockchain innovation to Western Europe.
Malta has already set guidelines to regulate the blockchain technology within its jurisdiction. Therefore, the nation seems to be ahead of other countries that are yet to embrace this technology. More cryptocurrencies corporations are likely to invest in Malta because of its good reputation. The nation has managed to achieve this great success by ensuring that blockchain investors are given support to boost their investments. The state is enjoying a good reputation as a global blockchain Island.