Prime Minister of Malta: Crypto is the Inevitable Future, ‘Blockchain Island’ is a Calculated Risk

At the United Nations General Assembly, Joseph Muscat, Prime Minister of Malta, announced that crypto is the inevitable future of money. Serving as Prime Minister of Malta since 2013, Muscat has recently been an influential figure in the blockchain space.

At the UN General Assembly, Prime Minister Muscat said:

“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 the inevitable future of money. More transparency helps filter good business from bad business.”

Progressive Crypto Regulation

Malta, otherwise known as “Blockchain Island,” has recently made a plethora of advancements to create an optimal environment for those in the blockchain space.

Already featuring tax rates as low as 5 percent, the Maltese government recently passed legislation that will ease the issuance and trading of cryptoassets.

Furthermore, Malta’s stock exchange is working with prominent blockchain companies, including cryptoasset exchange giant Binance, to list digital assets. In early September, Binance and The Malta Stock Exchange signed a Memorandum of Understanding (MOU) to jointly launch a new security token digital exchange.

Earlier this year, Changpeng Zhao, CEO of Binance, stated:

“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 start-ups to grow the industry further in Malta.”

In addition to Binance, Tron and several other large blockchain companies have announced intent to set up shop on the island and invest in Maltese economy.

Malta Blockchain Events

Over the next month, Malta will be playing host to two major blockchain events, the DELTA Summit on Oct. 3rd and Malta Blockchain Summit on Nov. 1st.

In addition, a Malta Blockchain Hackathon will take place between Oct. 31 and Nov. 2 at the InterContinental Malta, and is still welcoming registrations from individual developers or teams (four to eight in size) whom present diversity in their skill-sets—for example, smart contract developer, web UX/UI designer, server and client-side web development, and project management.

Thus, “Blockchain Island” is making immense developments in becoming the world’s most blockchain-friendly nation.

You can watch Prime Minister Muscat’s comments from the UN General Assembly below:

Mentioned in this article

Binance Joseph Muscat

Ad

TRON DAO at Harvard Blockchain Conference and New TRON Builder Tour Stop

Ad

CryptoSlate on Substack cryptoslate.substack.com

Daily digest of top crypto stories and market insights. Never miss out.

Join 75k subscribers

Ad

Latest Malta Stories

First regulated Maltese project to integrate blockchain-based AI services with Belgian retail chain

Adoption 3 years ago

The first Malta VFAA-regulated blockchain project VAIOT this week signed a deal with one of the leading retail shop networks in Belgium, SupraBazar, to use its blockchain-based AI voice commerce solution within the retail e-commerce platform. The integration, expected to be fully rolled out by Q3 2021, will begin with a Proof of Concept project […]

OKEx pushing for global cryptocurrency exchange standards through self-regulated organization

Regulation 5 years ago

OKEx launched an initiative to develop a global compliance standard for cryptocurrency exchanges. This will be done through a self-regulated organization whose members will work together to define and adopt these standards. OKEx leads the way for global exchange standards The lack of worldwide standards for regulating cryptocurrency exchanges has been a persistent problem in […]

Five upcoming crypto and blockchain events worth attending

People 5 years ago

Regardless of how cryptocurrency prices are performing in the open marketplace, there is much going on behind the scenes. Whether its interest from innovative startups, blue-chip companies or national regulators–the blockchain industry is as hot as ever. As such, this year is once again going to be jam-packed with top-grade cryptocurrency and blockchain technology conferences. […]

Malta-based exchanges account for majority of cryptocurrency trading volume

Exchanges 5 years ago

CryptoCompare’s March 2019 Exchange Review found that the previous month saw a 70 percent increase in volume from crypto-to-crypto exchanges. Crypto spot markets also saw a huge increase, leading many to believe that the dreaded crypto winter could finally be coming to an end. Key Developments In The Exchange Market The CryptoCompare review has long […]

You might also enjoy...

More Than 250 Coders to Battle at Malta Blockchain Summit

Adoption 6 years ago

Malta Blockchain Summit Draws Key Players Industry-wide

Adoption 6 years ago

Binance Moves its Headquarters to Malta Seeking More Crypto-Friendly Legislation

Exchanges 6 years ago

Latest Alpha Market Report

Available exclusively via

Dial H for Halving: Unpacking the technicalities of Bitcoin’s halving

Andjela Radmilac · 3 days ago

CryptoSlate's latest market report dives deep into the Bitcoin halvings, exploring its technical underpinnings, the historical context of previous halvings, and their long-term impacts on the network.

Latest Press Releases

View All

Powered by Qualcomm, Aethir Unveils Game-Changing Aethir Edge Device to Unlock the Decentralized Edge Computing Future

Chainwire 25 mins ago

Tanssi Foundation Announces ‘Let’s Forkin’ Dance,’ Tanssi’s Incentivized TestNet Campaign, Reinventing Appchain Deployment

Chainwire 28 mins ago

Unicorn Airdrops to Over 30 Competing NFT and Memecoin Communities

Chainwire 6 hours ago