Malta Wants to Become The 'Blockchain Island', With World's Largest Cryptocurrency Exchange
Along with its existing team, Binance has transferred its resources over to Malta, and has decided to employ over 200 full-time workers to fully establish the business in the region. For any multi-billion dollar startup like Binance, the relocation of headquarters includes difficulties, particularly in regards to financing and regulatory conflicts.
But, it appears evident that the pro-blockchain mindset of Malta authorities has given Binance confidence to relocate its team and business to the area, placing Malta at the forefront of cryptocurrency development.
Silvio Schembri, Malta's Parliamentary Secretary for Financial Services, Digital Economy & Innovation, stated in an interview with the Binance team that the nation remains confident in the job that is being done in the cryptocurrency sector. He further emphasized that Binance's existence in the area would continue to allow Malta to evolve into the Blockchain Island.
«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 give a regulatory framework of DLT operations. It's obvious that Malta has become a natural point of reference on the international sphere and companies like Binance will continue to appear into Malta to further expand their operations or establish a base. Binance's existence in Malta sustains our vision, that of making Malta 'The Blockchain Island,'» said Schembri.
In an official statement, the Binance team noted that Malta's present regulations and pro-blockchain legislation for its neighborhood cryptocurrency businesses ultimately convinced the company to invest in the European country, after seeing and assessing several regions.
Changpeng Zhao, the CEO at Binance who is better called CZ, said that the Binance staff were inspired by the logical and forward-thinking character of Schembri and the remainder of the Malta government.
«After meeting with Parliamentary Secretary, Mr Silvio Schembri, we were impressed by the logical, clear and forward-thinking character of Malta's leadership. After reviewing a proposal invoice, we are convinced that Malta will be the next hotbed for innovative blockchain companies and a centre of the blockchain ecosystem in Europe. Binance is dedicated to lending our expertise to help form a healthy regulatory framework in addition to providing funds for additional blockchain start-ups to grow the business further in Malta,» Zhao said.
Influence on Other Regions
Recently, South Korean governments have started to discuss the prospect of legalizing domestic first coin offerings (ICOs) once again, after Kakao, the country's biggest internet conglomerate that operates KakaoTalk, KakaoPay, KakaoStory, KakaoStock, and KakaoTaxi, the nation's biggest program that has almost 90 percent market share of the messaging, payment, social networking, online stock brokerage, and cab service markets, revealed its plans to move its blockchain venture outside South Korea.
Inevitably, startups and multi-billion dollar conglomerates will relocate to areas that are equipped with pro-blockchain legislature and are led by forward-thinking regulators. Malta's warm welcome of cryptocurrency businesses and exchanges will likely influence other areas, like Japan and South Korea, to continue providing sound regulations to businesses to make sure their markets can grow exponentially, without regulatory conflicts.