The Prime Minister of Malta, Joseph Muscat, addressed a general debate of the 73rd Session of the General Assembly of the United Nations (UN) and stated his belief that “blockchain makes cryptocurrencies the inevitable future of money.”
During his speech, Muscat claims his country as the “blockchain island,” because Malta was amongst the first jurisdiction in the world to regulate blockchain technology, which “previously existed in a legal vacuum.” He states:
Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses. But these distributed ledger technologies can do much more.
Muscat noted several use cases of blockchain technology including the creation of health-care systems in which patients have “real ownership of their medical records.” According to him, this will further aid in verifying whether humanitarian assistance is reaching its intended destination. Additionally, he mentions that the tech can “make sure nobody is deprived of their legitimate property because of compromised data.” He notes corporations could “become more accountable for their shareholders,” and will “need to move to regulate an environment where citizens trust the handling of their own data.“
Malta’s Love for Cryptocurrencies
Over the years, Malta has been striving to evolve itself as the most crypto-friendly jurisdiction and become the forerunner in the nascent industry, while reaping the benefits of these companies. A report from Bloomberg, suggests that Binance would “hire up to 200 people” in the country to carry out its relocation.
Reportedly, the outlook of a nation towards cryptocurrencies and blockchain technology determines how brokerages, exchanges, and traders operate and offer “legal certainty in a space that is currently unregulated.” At the time of the report, Muscat took to Twitter to pronounce Malta to become a “global hub” for market leaders in the sector.
Malta’s approach towards the virtual currencies hasn’t just invited, the world’s largest cryptocurrency exchange by trading volume, Binance but OKEx, another large crypto exchange is preparing to launch a platform for security tokens in the country. Adding to the list is Bitbay, a Polish crypto exchange announced their move to Malta in June this year. A research conducted by Morgan Stanley claims that Malta already observes the highest cryptocurrency trading volume flow.