Very few countries are openly friendly to cryptocurrency companies as of right now. The lack of clear regulatory guidelines makes this particular industry difficult to navigate. Malta seems to become the go-to place for companies involved in cryptocurrency as of right now. Monaco is the latest country to set up shop in this country.
Malta is Attracting Attention
Most people know by now how Binance is moving to Malta. The cryptocurrency trading platform has big expectations following this migration. It is evident the country is a lot more open-minded when it comes to Bitcoin and other cryptocurrencies. Binance is not the only company trying their hand at moving to this country, though.
It seems Monaco, a relatively new cryptocurrency company, contemplates a similar move. For now, they are looking into tackling this market sooner or later. It will take some time to successfully do so, but the plan is set in motion. Whether or not this means Monaco will launch a new office or permanently move to Malta, remains unclear at this point.
@Monaco_card supports the bold vision of PM @JosephMuscat_JM and Malta's vision of the Blockchain Island. Looking into an investment in Malta following last week’s announcement by our strategic partner @binance @cz_binance
— Kris | Crypto.com (@Kris_HK) March 26, 2018
This decision makes a lot of sense as well. Monaco and Binance are part of a strategic partnership. With the exchange gaining a foothold in the country, it is evident Monaco can benefit from that particular development as well. Malta is certainly getting a lot of attention from blockchain and cryptocurrency companies right now. A positive development, especially given the vision of the country’s prime minister.
Joseph Muscat has a Bullish Outlook
During a recent political meeting in Malta, prime minister Muscat made it clear how he envisions the future of blockchain and cryptocurrency. Contrary to what people may expect, he is quite open-minded toward both industries. In fact, he is confident the country needs to take the first step to properly regulate these industries in the coming months.
It is evident Binance is not the first company to “migrate” either. There has been an interest from other companies as well, according to Muscat. However, none of them are on the same level as the popular exchange right now. These companies want to come to Malta because is ready to offer regulation. The country’s clear plan of action is a positive development for the industry as a whole.
All of this shows regulatory measures will be beneficial to cryptocurrency and blockchain as a whole. Muscat is confident he can bring this industry on par with the financial and Igaming industries in the country. Assuming that promise holds up, positive things are bound to happen for companies such as Binance and Monaco. The jobs created by all of these companies will help boost the local economy as well.