The cryptocurrency market is obviously a foreign territory for almost all countries. While many countries are struggling to find out how they still need to ‘live’ with this new emerging technology, a group of smaller countries like Malta and Gibraltar are competing with each other to harness the big players of the cryptocurrency industry and increase their wealth levels.
Lastly, Malta is bombing the streets with Binance’s hubs, and continues to grow and become a pioneer in the sector, not only with Binance, but with other crypto-money ventures and companies as well.
Many of the reasons behind the choice of many firms are spoken of as the reason and vision of the country’s incentive legislation and the future of the country’s crypto money.
Malta to become a pioneer in cryptocurrency
The future plans of Malta, the smallest country in the European Union, for the cryptographic currency sector and Blockchain technology are inversely proportional to the face of the country. While the government is currently at the top of its pace to work to ensure the prosperity of the industry’s leading stars in the country and to draw the boundaries precisely, the economy says that Malta’s actions are important steps towards making the country a crypto cash center.
The government wing is also convinced that such arrangements will guide and lead to legitimate clarity of initiatives in the country that want to come to the country.
In the country where Binance has its headquarters in late March, employment is expected to increase. In particular, the fact that Binance will recruit 200 people in Malta once again reveals the correctness of the Maltese government’s decision. Not only Binance, but also other leading names in the industry are investing in Malta. For example, OKEX Techology announced in early April that it would open an office in this cozy Mediterranean .
Not only is the Maltese government’s vision and legal rules beautiful, but the money part of the business is another factor that attracts companies to Malta. Hundreds of companies from many different sectors of Malta, including companies in the cryptographic sector , have been central in recent years due to low tax rates in the country . Some time ago in the crypto money industry Malta; online betting and gambling companies. A particularly funny tax rate of 5 percent is considered an important factor that attracts many enterprises to Malta.
Prime Minister of Malta Joseph Muscat also gives the crypto money sector a distinct value. Muscat, who believed in the future of the industry and often shared this vision with the government, said at the end of March that:
“Has anyone ever thought what it really was worth to the paper money? As a matter of fact, it is really a piece of paper. It is the social concepts that value her. Now, a group of people, whom I have described as genius, test this on ‘virtual money’. All this concept is naturally confusing to us at this stage, but there is no doubt that this system will form the basis of the economy in the future. Just as we pay for a piece of paper, future generations will pay for their value in electronic systems. ”
Another underlying reason for Malta’s prominence is the fact that the European Union countries are now at a standstill in putting the cryptographic money on a legal basis. However, according to some authorities, the possible hard steps of the European Union countries to throw into the sector; Regardless of how positive Malta is, it may undoubtedly reduce the effectiveness of the country. At this point, the business ends with the decisions of the European Union. It is not known what will happen in the future, but Malta is continuing to increase its place in the cryptographic sector more and more day by day.