On last Thursday, Bitcoin Price took a 4% fall as a result of Japanese Government implementing stringent regulations on popular cryptocurrency exchange Binance. Bitcoin faced such a dip owing to the fact that Binance cryptocurrency exchange might face criminal charges and a shutdown of its Japanese operation, even though the regulator clarified on Friday that it was only going to issue a warning to the unlicensed exchange.
The Hong Kong based exchange after pulling staff from its Japanese office due to that regulatory conflict, is planning to open up a new office on the island of Malta.
Binance founder Zhao Changpeng told Bloomberg that the Mediterranean nation was “very progressive when it comes to crypto and fintech.”
Prime Minister Joseph Muscat himself shared the Bloomberg piece on Twitter, saying
“We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies”
The country is in full swing of setting up a “digital innovation authority” to certify blockchain companies and set out a legal framework for initial coin offerings (ICOs).
Malta is also infamous for being known as the smuggling hub due to its location. Now with Binance cryptocurrency exchange shifting its work space to Malta, the country and the cryptocurrency exchange’s, both will end up being on the brighter side of business.
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