Malta is a small island off the coast of Italy in the Mediterranean Sea. It is the smallest member of the European Union. That group has made a push for blockchain technology development.
But the Maltese government has been working on it for years. It has established acceptance of the big tech ideas coming out of the Blockchain space and the greater applications of Digital Ledger Technology (DLT). Their regulations are being implemented in three steps:
Formally establishing the "Digital Innovation Authority"
Issuing a Bill to outline registration for "Technology Service Providers" and certification of "Technology Arrangements"
Initial Coin Offering (ICO) regulation through a Bill that builds a framework for the process
The country is well known as a vacation spot, and this is not only because of the environmental benefits. The country is host to a EU gaming license, and they will be using this to their advantage with cryptocurrencies as well.
Malta Gaming Authority (MGA) released a report last month, which outlines how they will test the combination of blockchain technology, cryptocurrencies and gaming. The project will be in collaboration with recently launched ICO HERO.
Exchanges - OKEx, Binance, and possibly Kraken
Kraken has the 10th largest exchange trading volume of cryptocurrencies. The company is based out of San Francisco, but had been working with a Japanese Financial License. They have suspended use for their Japanese clients. The exchange is rumored to seek licensing out of Malta.
Last month, Binance announced it would be moving to Malta. They also made this move from Japan. It does not seem likely that it is because of lack of interest. Studies show that Japan has one of the highest use rates of crypto currencies. Recently Yahoo’s Japan affiliate made a purchase of minority stake in the cryptocurrency exchange BitARG.
OKEx announced this week it would be moving its headquarters to Malta.
BY: BGN Editorial Staff