Recently, Malta has become a hot spot for the international crypto community and is currently hosting the Delta Summit, with over 3500 delegates from the industry, with Crypto Potato arriving to cover.
Several days ago, Malta’s prime minister stood on the UN stage and expressed his great belief in the opportunities brought by the digital currency revolution. The prime minister declared that Malta would become the first jurisdiction to provide fertile regulatory ground for companies operating in its territory and brand Malta as the “Blockchain Island” to fill the regulatory vacuum of the crypto space. However, in addition to the first application as money, he expects to see more apps in the future, and to this end, he has chosen to allow companies to maximize their potential in a regulatory environment that will allow this.
Binance and Malta
Many companies are interested in relocating to Malta and cooperating with the government to promote the industry effectively. Earlier today, the Founder of Binance, Changpeng Zhao (or CZ), spoke at the conference and talked about the successful cooperation with Malta and the activities of Binance, in partnership with the government and in general. He praised Malta’s agenda for the industry and made it clear that “the proper regulation planned in Malta can keep the bad players away from the developing crypto industry.”, He also said that “from his personal experience, working with other governments, Malta stands out in its willingness to engage in an open dialogue that is not typical of other countries. He, therefore, noted that after initial contacts, Binance decided to tighten the connection and reach Malta to help develop the industry.
In his speech, CZ noted that Binance already has two collaborations with Malta’s stock exchange. One project is for building a traditional centralized stock market to allow security tokens to be traded within a legal framework and another project is aimed at creating a decentralized exchange to allow the same functions within new platform ideation. He also noted that at the moment, these are preliminary contacts and in the early stages of development and that the emphasis on these projects will be implemented on the basis that they are adequately regulated while working in conjunction with the relevant regulators.
He also mentioned the problems in current financial systems and the non-transparent, high-cost capital movement around the world and how many organizations around the world are beginning to understand how Blockchain can solve some of these problems. He explained how Binance is trying to promote projects that drive the adoption trend forward. Of these projects, he noted the Binance Academy is aimed at disseminating knowledge, education, and practical training on operating correctly in a crypto environment.
According to him, the community-based academy is working to expand the spheres of influence and non-profit in the belief that education is a significant factor for international adoption. At the same time, he also mentioned another project aimed at allowing donations in crypto and training charities to work with digital coins transparently and securely.
Moreover, he talked about Binance’s activity outside of Malta and their initiatives in Asia and Africa, and the attempt to set up local FIAT-crypto exchanges in Taiwan, Singapore, and many other countries as part of work tightly with the various regulators. Binance’s attempt to spread is another step as part of the broader process of international adoption stemming from the view that the financial reality will determine the rules, they only provide the tools.
In conclusion, it can be said that there is no dull day in the crypto space and every day delivers news. Whether it’s good news or bad news, the trend points to an expansion of the industry. In addition to the regulation that is becoming clearer and allowing many businesses to manage risks in a more controlled manner, some countries have realized the potential of the industry and are now looking to see the right side of the currency.