Malta is one of the countries of the European Union, and has taken important measures in order to attract different blockchain and crypto-related businesses. Now, the Chinese cryptocurrency exchange based in Hong-Kong, Okex, will be moving to the island of Malta.
Malta Receives Crypto-Related Firms
Joseph Muscat, Prime Minister of Malta, announced on Twitter that the government was welcoming OKEx to the island.
“We welcome @OKEx_ world-leading digital exchange, to growing blockchain ecosystem. #Malta fast becoming jurisdiction of choice for Distributed Ledger #DLT Technology companies in European Union #EU & globally.”
'We welcome @OKEx_ world-leading digital exchange, to growing #blockchain ecosystem. #Malta🇲🇹 fast becoming jurisdiction of choice for Distributed Ledger #DLT Technology companies in European Union #EU & globally' – PM @JosephMuscat_JM @SilvioSchembri #Crypto #cryptocurrencies
— Government of Malta 🇲🇹 (@MaltaGov) April 12, 2018
Malta is becoming a “crypto-island” as some individuals have started to comment in the community. It has been working in order to attract more crypto and blockchain related business to settle their operations in the country.
“We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem,” commented Chris Lee, CEO of OKEx crypto exchange.
Malta has a regulatory environment that has been created so as to attract these technological firms. As it is regulated, companies are able to work in a legal framework that protects customers and investors, but at the same time, is not against the developing enterprises located in the country.
Another important cryptocurrency exchange, Binance, has also informed that it was moving its operations to the island of Malta. At the moment, the cryptocurrency exchange is searching for interested workers that would be able to help the exchange start its operations there.
The intention is to apply for a license once it becomes available, operate in the island, and build a local team that will be helping with KYC, AML, ATF, customer support, and other activities.
Malta is another nation in Europe that is trying to attract blockchain firms. Switzerland and Belarus are important countries that are trying to be considered crypto-friendly states.