As Cryptocurrency Regulation Tightens, Malta Remains a Safe Haven for Service Providers

Regulation in the cryptocurrency industry is always a hot topic. It seems most of these developments are forcing companies to relocate to more crypto-friendly countries. A lot of companies are currently contemplating the move to Malta, which is quickly becoming a very popular place for cryptocurrency firms.

Malta is Quite Appealing

There are a few different reasons why Malta is so appealing to Bitcoin companies. The region is rather open-minded when it comes to regulating this industry. Its focus on blockchain and cryptocurrency is positive overall and allows for innovation. Several firms are actively looking to move to Malta due to regulatory pressure in their home country.

The government of Malta is also quite keen on improving upon this trend. According to a Tweet, the country sees this interest by cryptocurrency firms as a major economic achievement. Binance has already relocated to this European country, which has gained a lot of media attention. Other economic achievements include a low unemployment rate and highest economic growth in the EU.

All of these aspects make the island nation all the more appealing to all kinds of firms. It now seems dozens of cryptocurrency companies are looking to set up shop in Malta. Doing so is rather simple, compared to dealing with requirements in other countries. Making it more accessible for companies to set up an office in Malta is an example other countries should pay attention to a swell.

The Mass Migration to Europe

Albeit Europe is relatively quiet on the cryptocurrency regulation front, that seems to work in its favor. If this trend keeps up, things will undoubtedly get very interesting for both Malta and the EU as a whole. With other countries cracking down on blockchain and cryptocurrency, someone has to take the lead.

Harsh action is taken in China, India, and other select regions. All of these countries would rather curb cryptocurrency use altogether. Even though this new form of money allows for innovation, governments also see it as a threat. Regulating this industry has proven to be very difficult. In fact, all it does is force companies to relocate. This is why Bitfinex is moving to Switzerland, and Kakao may host its ICO outside fo Korea.

How all of this will play out in the long run, remains to be seen. It seems evident the appeal of Malta will not diminish anytime soon. Other countries may show a positive approach in this regard as well. For now, any negative regulatory development is often met with positive news at the same time. A harsh approach to cryptocurrency does no one any favors right now. Whether or not things will improve in countries like China and India, remains uncertain.

Image Courtesy of Shutterstock

The post As Cryptocurrency Regulation Tightens, Malta Remains a Safe Haven for Service Providers appeared first on NewsBTC.

Powered by WPeMatico

Leave a Reply