The news of Malta becoming the new cryptocurrency hub came out when, two of the world’s largest cryptocurrency exchanges planned to make this small European nation, their central hub of operations.
Where all other jurisdictions feel threatened to accept this industry, the news is out that this European Union’s tiniest member is welcoming and embracing this industry with open arms.
The question that pops up in one’s head is that Why Malta is Welcoming Cryptocurrency Industry?
Well, here is the answer. At the time when countries all around the world are refusing to entertain this crypto-industry, there this tiny nation is writing the rules that are intended to provide the exchange owners and users certainty about their future in this field. As per the speculations, Malta’s Rule Book for the cryptocurrency exchanges is going to cover how exchanges, brokerages, asset managers as well as traders can operate in the industry.
Where the cryptocurrency industry has been struggling to find its place among the other exchange regulations, Malta is providing the industry with a hold on it. According to the government “The proposed framework will offer legal certainty in a space that is currently unregulated”. As per the latest updates, EU is still under planning on writing the cryptocurrency regulations giving Malta a chance to become the leading nations to draw up a framework for the industry.
This move by the government of Malta is taken under the belief that the cryptocurrencies are the future money and by accepting that the economy of this small nation could benefit in future. For this very instant, the mere arrival of the cryptocurrency industries in their home has provided huge employment to the people of Malta. At present more than 200 jobs have been provided to the natives.
NOTE – Malta is also in process to welcome the Blockchain business to its home. With the best intentions of providing mutual benefits to its economy and Blockchain and Cryptocurrency personnel, Malta is working efficiently in making rules for the industry.