Malta through its Prime Minister, Joseph Muscat, is welcoming Binance, the largest cryptocurrency exchange in the world, according to Bitcoin.com.
Zhao Changpeng, Binance CEO mentioned:
“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 proposed bill, we are convinced that Malta will be the next hotbed for innovative Blockchain companies and a center of the Blockchain ecosystem in Europe. Binance is committed 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.”
Malta, recently, enabled a regulatory framework for cryptocurrency to urge people start using it.
The Prime Minister wants the island to continue being a “Blockchain Island”, mentioning that he believes it will become “global trailblazers in the regulation of Blockchain-based businesses and the jurisdiction of quality and choice for world-class FinTech companies.”
As a result, Europe’s most known cryptocurrency region Zug might have some competition with Malta’s project.
The European market is an economic powerhouse, which makes the market attractive for cryptocurrency exchanges, with many Chinese and Japanese exchanges to search for a new place to establish within European Union.
Binance justified the choice of Malta for establishment “due to its existing pro-Blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.”
Binance is planning to bring fiat payment facilities in Malta.
“Binance will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals,” mentioned Binance’s CEO.
Hon Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation, said that he is in favor of the establishment of Binance in Malta.
“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. […] Binance’s presence in Malta sustains our vision, that of making ‘Malta: The Blockchain Island.’”