Malta in Progressive mode – What Gaming did to Malta repeats with Blockchain Cryptocurrency and FintechApril 3, 2019
Malta Financial Services Authority (MFSA) have recently approved 14 Virtual Financial Agents.
Dr. Christopher Buttigieg, MFSA stated, “The issuance of the in-principle approval is an important milestone in MFSA’s effort to becoming the regulator of excellence in the field of regulating crypto assets.” He further added, “We have worked since November 2017, ever since we started our regulatory journey in the field of crypto assets.” He concluded stating, “Today we have a complete framework which caters for different areas of risk, being inter alia the risks to consumers, market integrity, financial crime, and cybersecurity.”
Malta is evolving to be the hub for the cryptocurrency industry along with Gibraltar.
There is a lot of discussion going on about discriminating between the blockchain technology and the cryptocurrency. Cryptocurrency is subject to a lot of regulatory scrutinies. The legal changes in the cryptocurrency industry are very slow moving, and anyone willing to start off with a cryptocurrency company needs to have a lot of perseverance. Considering the legal glitches, the question of how to build a cryptocurrency company is not as important as to where one might want to build the company. It is important to work with advantageous jurisdictions in order to be able to build and launch quickly.
With the common options provided being Mauritius, Seychelles, Isle of Man, and Malta; a vast majority are showing preference to Malta. The country is very progressive, and they have the highest GDP in the UK.
Malta has been one of the earliest among companies to welcome this new form of currency. Several larger countries were hesitant to adopt cryptocurrency companies and the regulatory framework; however, Malta took too early to it, and they are progressing as a hub in the field of cryptocurrency. The country is not beginning to enjoy the benefits of having been progressive. They are creating a regulatory framework for the cryptocurrency industry and are putting money back into their own economy, thus fostering growth and innovation in the cryptocurrency industry and thereby improving their economy as well.
The online gaming industry contributed to a great deal to the economy of Malta. A similar trend is happening with Malta similar to that in the cryptocurrency industry.
Joseph Muscat, the President of Malta, stated, “Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses.”
This is one of the major reasons why the CEO of Binance got into action, and they set up an office in Malta. The country overall has a progressive approach to Fintech.