The world’s largest cryptocurrency exchange Binance is opening a base in one of the world’s smallest island states. Joseph Muscat, a Maltese politician re-elected as Prime Minister on the 3rd of June 2017 embraces the cryptocurrency exchange, Binance. Other colleagues’ groups along with Prime Minister welcomes Binance and desire for Malta to known as the “the blockchain island”.
After being warned by regulation in Japan and cryptocurrency ban in China, cryptocurrency exchange Binanace is looking a fresh start in the Mediterranean. Hong Kong-based company is intending to inaugurate an office in Malta, the company’s CEO Zhao Changpeng told in an interview.
Malta is prominent for expanding the blockchain technology space. Also, the place is notable for its friendly attribute to cryptocurrency business and investors.
For the establishment of the company in this region, the Binance proposed to employ more than 200 regular employees. Hence, it is very difficult for the relocation especially in regards to finance and regulatory conflicts for multi-billion-dollar startup including Binance .
Binance has grown rapidly to become the largest cryptocurrency exchange in the world by trading volume. This move conceivably opens the doors to expand in larger growth. Presently, the exchange is negotiating with banks in Malta to establish a formal banking partnership, Binance CEO Zhao said in an interview.
Malta’s Parliamentary Secretary for Financial Services, Digital Economy and Innovation, Silvio Schembri cited by associating with Binance team that the island remains assured in the movement processed in the cryptocurrency sector.
Furthermore, he emphasized that
This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. It is obvious that Malta has become a natural point of reference on the international sphere and companies. Such as Binance will continue to look into Malta to further expand their operations or establish a base. Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island.’
An official announcement of the Binance team stated that pro-blockchain legislation and existing regulation of Malta for its crypto businesses. Eventually convinced the organization to invest in the European nation, after estimating numerous regions.
Therefore, Binance team is enthusing by Schembri’s logical and forward-thinking nature.
Binance CEO Zhao Changpeng said
“After meeting with Parliamentary Secretary, Mr Silvio Schembri, we were impressed by the logical, clear and forward-thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed. However, for innovative blockchain companies and a center of the blockchain ecosystem in Europe. Binance is committing to lending our expertise to help shape a healthy regulatory framework. As well as providing funds for other blockchain start-ups to grow the industry further in Malta.”
Ultimately, Malta’s embracement to the blockchain technology will encourage other regions. Like, South Korea to increase the crypto adoption rate. Malta is the one of the small European country creating a fintech-friendly regulatory ecosystem in the rising blockchain and financial technology space.