In our previous update, we discussed how Malta is increasingly transforming into Blockchain Island. Many entrepreneurs currently developing new business models in the cryptocurrency space view Malta as a particularly attractive destination. While the companies that come to Malta with the advisory support of DW&P Dr. Werner & Partners generally do not appear in the press, the situation is quite different for the major players recently opening branches here. Interestingly, the usual critical media coverage often directed at Malta is noticeably absent in this context.
What Really Matters in Malta
While some media outlets are still busy questioning the rule of law in Malta and trying to grab readers' attention with sensationalist comparisons, Malta is focusing on the only thing that truly matters: the future. The government recognized long ago that there is more to cryptocurrencies and digital assets than just a speculative bubble. The island nation is actively trying to identify the utility of cryptocurrencies and embrace innovation along with the technologies that drive it. Creating a regulatory framework that addresses security requirements while providing necessary legal certainty is a sensible place to start.
Binance: The Largest Crypto Exchange Comes to Malta
Let us start with the biggest news - the world's largest trading platform for cryptocurrencies, originally based in Hong Kong, plans to open a branch in Malta. The company announced this move back in April, stating they were looking forward to operating from "Blockchain Island." None other than former Maltese Prime Minister Joseph Muscat welcomed the company to the island in a tweet:
"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!"
OKEx Also Announces Malta Expansion
Another global player, OKEx Technology Co, has decided to use Malta as a base for the future growth market of digital currencies. Silvio Schembri, the Parliamentary Secretary for Financial Services, Digital Economy and Innovation, welcomed this decision in a statement:
"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"
DRQ Group Relocates Headquarters
CEO Kristian Haehndal has also explained that his corporate group intends to establish its headquarters in Malta. He views the island as a blockchain hub that, thanks to its blockchain-friendly initiatives, will play a key role in the development of cryptocurrencies. The DRQ Group includes DQR, DQR-X, DQR-GIVE, and DQR-Services, with partners such as Genesis Mining, Blockchain Consulting, Logos Fund, and Draglet.
Malta as an Innovative Crypto-Startup Haven
A broad "crypto community" has already formed on the island. Experts, whether from the investor side or the technology sector, are coming together here, united by their belief in the disruptive power of this technology. Cryptocurrencies have the potential to fundamentally change our economy by shifting the balance of power between financial institutions and customers. For the collective development of this idea, Malta currently offers the best stage in all of Europe. Consequently, we are seeing the emergence of numerous companies on the island that see their future in cryptocurrencies and related services.
