Binance comes to Malta!
Recently, Malta was once again in the news as Binance, the largest cryptocurrency trading platform in the world announced that it was relocating to sunny ‘Blockchain Island’.
Following a Chinese ICO ban, the Hong Kong-based exchange platform, was compelled to look elsewhere in Asia for a hub and sought the Japanese jurisdiction as a potential base for its operations. However, after some regulatory problems cropped up [forcing Binance to recall its staff from its Japanese offices], the Company eventually decided to relocate to Malta.
In his Twitter post, an elated Prime Minister Joseph Muscat stated: ‘Welcome to Malta Binance! We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies!’ Great news indeed for all Crypto-enthusiasts!
Malta as THE Blockchain Island.
In some ways, it was not a huge surprise that Binance eventually relocated to Malta since the Government was heavily involved in marketing the country as the ‘Blockchain Island’ and place to be. Moreover, work was done to promote Malta as a ‘hub’ which would also regulate Blockchain technology. This incessant and clever promotion eventually led to other Exchanges also gazing with watchful and hopeful eyes. Binance’s move will hopefully lead to the employ of over 200 people ensuring that there is a huge contribution to the local economy.
(As stated in previous articles, one of the three proposed bills being tabled is that of the: Virtual Currency Bill. This Bill will cater for a legal framework for initial coin offerings and regulate crypto-wallet providers, crypto-currency exchanges and authorised asset managers).
OKEx also makes a move!
Recently, OKEX Technology Co, another crypto-based company in Japan, also decided to use Malta as a hub for its activities citing that it had ‘decided to make Malta a Foundation’ for its future growth in this VC sector.
In fact, Parliamentary Secretary for Financial Services, Digital Economy and Innovation Dr. Silvio Schembri also voiced his delight stating that: “The fact that Malta is at the forefront in launching a regulatory framework that regulates this sector by means of setting up an authority, in itself has attracted the interest of global companies such as Binance and OKEx”.
OKEx’s declaration was followed by similar announcements that the Berlin Blockchain based enterprise: ‘Neufund’ and ‘The Abyss’ were also setting up shop in Malta. Justin Sun, the founder of giant US Blockchain Company: Tron also stated that his company was indeed ‘seriously considering’ investing and operating in Malta.
DQR Group also decide to relocate.
Recently, DQR Group also announced that it was seeking to establish a headquarters here in Malta. The Chief Executive Officer of DQR Group: Dr Kristian Haehndal opined that Malta will certainly become the worldwide Blockchain hub stating that such a high-profile move was certainly down to the country’s Blockchain-friendly environment.
To note that: DQR Group is a group made up of DQR, DQR-X, DQR-GIVE, and DQR-Services, with Genesis Mining, Blockchain Consulting, Logos Fund, and Draglet as notable working partners.
Conclusion
The above-mentioned major moves will certainly pave the way for more like-minded companies to relocate to Malta. The whole spectrum will surely not be solely limited to Crypto-exchanges but firms engaging in Blockchain technology will also be looking to provide their services on the island.
Here at Dr. Werner & Partner, our team will be more than welcome to assist you with any queries you might have related to Virtual Currencies, Blockchain Technology and Crypto-exchange platforms. We look forward to meeting with you and discussing a prospective move to the island!
