Top 2 Cryptocurrency Exchanges Land in Malta
Countries like China and Hong Kong have chosen to enact stiff regulations regarding cryptocurrency exchanges. The two countries mentioned are/were home to some of the largest global cryptocurrency exchanges by market cap. However, as some countries seek more regulation and require cutting through more red tape, others are capitalizing on the opportunity to host such exchanges, which draw a lot of water.
Malta has taken the approach of letting in the new, as way of boosting their status as a progressive forward-thinking fintech country. Malta has big plans for 2018 involving constitutional reform, large-scale infrastructure improvements and of course, the desire to be considered "Blockchain Island". Malta's Prime Minister, Joseph Muscat has made it his initiative to make Malta a global pioneer in opening the doors to cryptocurrencies and blockchain technology. Earlier this year, Binance, the world's largest cryptocurrency exchange, announced its plans to open up an office in Malta. This is likely due to Malta's government launched, Malta Digital Innovation Authority, which aims to provide greater legal clarity will allow these types of companies to work with Maltese banks on simpler "fiat-to-crypto" exchanges. Muscat had this to say about Binance's decision to relocate:
Also deciding to move where the grass is greener, OKEx, has decided to follow in the footsteps of Binance and move operations to Malta. OKEx's CEO, Chris Lee, had this to say:
OkEx is currently the second largest global cryptocurrency exchange, so is exciting to see such a small (and beautiful) country take such an active roll in the adoption of cryptocurrency, with goals to act as incubator for the encompassing technologies. This notion was seconded by Binance's, CZ: