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

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.

The Prime Minister of Malta, Joseph Muscat
The Prime Minister of Malta, Joseph Muscat

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.

Related: More Than 250 Coders to Battle at Malta Blockchain Summit

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:

Cover Photo by Kirkandmimi on Pixabay

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Cole Kennelly

Cole is passionate about the intersection of blockchain and finance. Cole has worked with blockchain startups, venture capital firms, and brokerages. Cole specializes in business development, growth, strategy, and research. Cole recently graduated from The Ohio State University with his Bachelor’s Degree in Finance and Economics. Cole is currently based in the Greater New York City area.

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