Zhao Changpeng, Binance CEO mentioned,
“After meeting with Parliamentary Secretary, Mr Silvio Schembri, we were impressed by the logical, clear and forward thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies, and a center of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta.”
Recently, Malta developed a regulatory framework for cryptocurrency to bring more people to start using it.
The Prime Minister wants Malta Island to be recognized as a world leader in blockchain regulations, mentioning he believes Malta will become “global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies.”
In Europe, the most well known cryptocurrency region is Zug, in Switzerland, but it might have some competition with Malta’s new project.
The European market is an economic powerhouse, which makes the market attractive for cryptocurrency exchanges. Recently, many regulatory actions occurred in China and Japan, which forces the large cryptocurrency exchange to search for a new place to establish.
Binance expressed that they established in Malta “due to its existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework.”
Binance is planning to bring fiat payment facilities in Malta.
“Binance will soon start a “fiat-to-crypto exchange” on the European island nation, and is close to securing a deal with local banks that can provide access to deposits and withdrawals,” mentioned Binance’s CEO.
Hon. Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation, said he was positive towards the establishment of Binance in Malta.
“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. […] Binance’s presence in Malta sustains our vision, that of making ‘Malta The Blockchain Island.’”