Malta Prime Minister Welcomes Binance to Its “Blockchain Island”. The world’s largest cryptocurrency has found a new home on one of the world’s smallest island states. Prime Minister Joseph Muscat warmly welcomed the cryptocurrency platform and spoke of his desire for Malta to become “global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies”.
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In Europe, Zug in Switzerland is referred to as Europe Crypto Valley and Malta is bidding to come its island equivalent. The cryptocurrency exchange, the world’s largest by trading volume, has been searching for a home after regulatory action in China, Hong Kong, and Japan forced it to look elsewhere.
However, On March 23, Binance announced that it would be moving its operations to the island, which is a European Union member.
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Binance explained that it settled on Malta “due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.” The news comes on the same day that Japan’s Financial Services Agency published an order for Binance to cease its operations in Japan, stating that it was breaking regulations on funds settlement.
Many persons still wondering if Malta can position itself as Europe’s most crypto-friendly nation.