Malta is the spearheading and welcoming and place for cryptocurrency companies. Especially, due to its healthy and engaging factor, it is unanimously recognized as a crypto haven worldwide. The robust and transparent crypto regulatory climate has directed several crypto business leaders to relocate their operations to this island.
As noticed earlier, bitcoin, cryptocurrencies, and blockchain have already been embraced by the people and the government of Malta.
Now, in a recent address of the 73rd Session to the United Nation’s General Assembly, Malta Prime Minister Joseph Muscat has said that “cryptocurrencies are the inevitable future of money” and he sees blockchain as an “inciting technology” which will allow bitcoin and crypto to gain mass adoption and become the widespread future of money.
The blockchain technology is enabling transition and transformation in the conventional way of working and thinking the style of the industry. The cutting-edge technology and the bitcoin have the ability to eliminate third party service providers, giving users more freedom over information and money.
Muscat also reckons blockchain as a galvanizing future platform for a more transparent and fair society. By leveling up his political impact with his positive discourse on this bleeding-edge technology which is at the forefront of changing the entire ecosystem, he said:
“Those who pair the new digital economy with a new state – a digital state, will be best poised to create a future-proof society. Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses.
However, Muskat elucidated his hailing remarks on distributed ledger technologies (DLT) which according to him can do much more and blockchain is one type out of the plethora of unconventional new and pragmatic opportunities.
Digital ledger technology will overhaul the entire spectrum of corporate, political, and civic systems.
Based on Muskat’s high-spirited approach during the debate he mentioned Malta is the first jurisdiction
worldwide to regulate bitcoin and blockchain technology due to its potential to solve the decades-old problems. The problem solving and decentralized technology gave Malta a confidence which acted as an impetus to launch itself as a
Blockchain Island. In June, the Maltese parliament approved three DLTand crypto-related bills, strengthening the island’s endeavor for blockchain innovation and to continue as a leading ecosystem for the crypto and blockchain industry.
Malta’s positive outlook to bitcoin and blockchain has been admired by worldwide. Changpeng Zhao, Binance CEO, stated that the company will be investing in Malta to help grow its local blockchain industry and local cryptocurrency companies. In March Binance relocated its headquarters and inline OKex, and BitBay the prominent crypto exchanges also followed the suit.
Joseph Muscat on a concluding note echoed on the encouraging and affirmative impact that Digital Ledger Technology has brought up in legitimatizing the property rights of the citizens as data would be safe and uncompromised. This new phase will bring the sense of responsibilities and accountabilities to the big establishments towards their shareholders.