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Binance

Whereas some world leaders and governments have been super sceptical of cryptocurrencies and some even going as far as to take a strict opposition stance on the technology, some are opening their arms wide to the tech that could completely revolutionise monetary transactions as we know it today. The island of Malta, as small as it is, happens to be even more daring in action than its land size. Its government has recently approved for cryptocurrency and blockchain firm, Binance, to operate legally within its borders.

The island’s PM, Joseph Muscat, announced their approval of Binance establishing offices in the state and running its operations from there. He stated that this is part of plans and a desire to make Malta “global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies”, as they see the island to be a “blockchain island”.

 

Binance And The Maltese Financial Ecosystem

This isn’t so surprising for people who have a bit of a fair idea of the nature of the island. With a population of about 450,000 , Malta is known for its extreme gambling industry and booming banking and finance industry. Yesterday, Friday the 23rd of March, Binance also officially announced that it was soon beginning operations on the island of Malta after having reached an agreement with the authorities of the state.

This “relocation” by the crypto firm comes as a result of the Chinese government’s strict regulations on cryptocurrencies and ICOs in the last few months which is causing most financial institutions that are into these technologies to look elsewhere for markets.

The company will start fiat payment transactions very soon as the economic climate of the island already favours banking and finance extensively. When asked why they chose to settle for Malta amongst all the other countries available, Binance explained that its decision was due to [Malta] existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.” And Malta’s acceptance of Binance happens to be the Deus ex machina that the firm craved for, considering that Japan also issued a cease operation order to Binance. Thus, as Binance closes in Japan, it re-emerges in a an even crypto-friendly environment.

 

European Scepticism And Malta’s Daring Moves

Binance CEO Zhao ChangpengSeveral European countries are still not in bed with the whole thing about cryptocurrencies. With some of them realising that it will be almost impossible to get them out of the way, the very best they have gone ahead to do is to just put in place “passive” regulations or none at all to check the rather growing sector in finance today. The UK for instance, has only gone as far as to just institute some task force that will manage the risks around crypto assets. Malta on the other hand has been very involved in how it can make the venture of use, and has made initial steps such as making its Virtual Currency Act an actual law now.

Silvio Schembri of the Maltese Financial Services, Digital Economy & Innovation stated that the coming of Binance was of great benefit to the state. Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island’,” he said. Malta is said to be looking to recruit close to 200 staff, which means employment for the people of Malta, and as operations begin eventually there will definitely be a contribution to the nation’s economy as well.

Binance will be beginning its fiat currency to cryptocurrency exchanges very soon according to the firm’s CEO. Should this start as planned, that will mean another cryptocurrency exchanger is joining the pre-existing number and thus European cryptocurrency users will now have another platform to look to in terms of cryptocurrency exchanges.

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