Business

Erik Gibbs

Malta’s Prime Minister to UN Assembly: Crypto is the inevitable future

Malta wants to be the world’s crypto and blockchain hub—everyone already knows this. So far, it is well on its way, already attracting several major exchanges and blockchain-based enterprises to its landscape, and also by becoming one of the first countries to introduce crypto legislation. Joseph Muscat, the Mediterranean island nation’s prime minister, recognizes all too well the important role crypto is playing in the evolution of currency, and recently told the United Nations (UN) that crypto is unequivocally the currency of the future.

During a meeting of the UN General Assembly, Muscat asserted, “I passionately believe technology revolutionizes and improves systems. This is why in Malta, we have launched ourselves as the blockchain island. By being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies inevitable future of money. More transparent it helps filter good business from bad business.”

Muscat also explained that the country’s government is passionate about blockchains and their ability to completely eliminate the need for third-party providers in financial transactions. He expects that the blockchain will ultimately evolve to include solutions that can replace the entire infrastructure of a number of industries, including charities and healthcare.

Muscat told the UN, “Blockchain can provide solutions to health care systems where patients have real ownership of their medical records. Emissions trading systems can be taken to the next level. We can help verify that humanitarian assistance is reaching its intent destination. We can make sure that nobody is deprived of their legitimate property because of compromised data.”

Malta has been almost singularly driven to convert itself into the prime destination for any company in the crypto and blockchain ecosystems. The world’s largest crypto exchange, Binance, has its headquarters in the archipelago, as do several others. Binance has approximately 10 million customers and around $200 million in quarterly profit.

Binance CEO Changpeng Zhao is investing heavily into the Malta market. He asserts, “After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies and a centre 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 startups to grow the industry further in Malta.”

In addition to Binance, the OKEx is also headquartered in Malta, as are Neufund, Tron and Oroundo, among others.

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