Is Malta a center of cryptocurrency world?

Is Malta a center of cryptocurrency world?

It just so happens that Malta, despite its small territory, has always been attractive for business operations, and cryptocurrency business is no exception. Let’s figure out what factors affect companies’ desire to conduct their affairs on the island and why crypto business is profitable for the country.       

Safe and sound in Europe 

Firstly, the country is well-located geographically: in the very heart of the Mediterranean Sea. Not only can one easily get to major European and African countries from here, but also world’s leading banks are always ready to offer their services to the small country. Malta is included to the euro area, thus it has an access to the European market.        

Besides, the Government of Malta realizes the entire importance of business ecosystem for its own economy. Therefore, the country has adopted a favorable tax regime for international companies.    

Authorities’ flexibility 

From year to year, the Government of Malta assures the global community that the country is ready to adopt state-of-the-art technologies to improve businesses. That’s why the authorities are focusing on blockchain and cryptocurrencies.    

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The Parliament of Malta has recently approved a project becoming a one more step towards the national blockchain promotion strategy. According to the project, the country’s authorities are going to support crypto companies and integrate decentralized technologies into the government sector. For instance, blockchain will be integrated into the land cadaster and the national healthcare register.     

According to Maltese Prime Minister Joseph Muscat, the country should stay on the frontline of most advanced financial technologies.   

“We should be ranked among the first to adopt blockchain. We cannot wait for the others to start acting and us following them. We have to be followed by,” the Maltese Prime Minister believes. 

How do crypto companies feel in Malta today? 

The document published on the website of the Maltese Government states that the country is going to introduce a permissive tax regime for cryptocurrency business. It points out that international blockchain companies will have to pay a 5% tax.   

Despite the fact that the document serves as informative guidelines, a lot of its statements encourage businesses to move to Malta. The authorities aim to protect legislatively both cryptocurrency companies and investors. It creates a favorable atmosphere for ICO launching.  

The Government has not forgotten about traders and cryptocurrency exchanges as well. It is developing the laws to regulate all the operation aspects. Thus, world’s two major crypto exchanges have announced the desire to move their headquarters to Malta.     

What will Malta get in return? 

Parrying a question: what country has a developed business ecosystem harmed just for once? To become a European (or even global) fintech hub for such a small state as Malta is an opportunity to bring its economy to a new level. At the same time, not only the business environment but also the life of ordinary citizens will be improved. Perhaps, there will be fewer crypto companies in Malta in comparison with major European countries, but the quality growth may be one of the best ones in the world in case of the appropriate support of the authorities.        

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