ICO Malta – blockchain and cryptocurrency businesses move to Malta
As cryptocurrency regulation tightens, Malta remains a safe haven for Service Providers and ICO Malta. Malta is quickly emerging as a popular location for entrepreneurs to set up blockchain and cryptocurrency businesses, thanks to the country’s supportive government that sees the industry as an economic opportunity to create regulations favorable to the growth of the sector.
ICO Malta and blockchain regulation
The Parliamentary secretary for financial services in Malta, Silvio Schembri, unveiled in February plans to establish the Malta Digital Innovation Authority and introduce three bills in relation to distributed ledger technology (DLT) and blockchain.
The proposed legislation is likely to make Malta the first country in the world to fully regulate companies operating in the blockchain industry.
The government is in the process of formalizing a Virtual Currency Act that will pave the way for an auditing framework made specifically to regulate blockchain-driven investment operations such as ICOs. It will include a so-called Financial Instrument Test to clearly define when assets derived from ICOs are securities.
Although the public consultation is still in process, many startups and token issuers have already chosen Malta to open up their business.
Cryptocurrency startups move to Malta
Binance, the operator of one of the world’s largest cryptocurrency exchange platforms, announced its intention to set up operations in Malta in March. Binance cited the country’s “existing pro-blockchain legislation and the stability that it offers financial technology companies through its regulatory framework” as the reasons for opting for Malta. Similarly, Hong Kong-based cryptocurrency exchange platform OkEx said earlier this week that it will be expanding to Malta and working with the government to help establish the regulatory framework. Neufund, a German startup developing an equity fundraising platform on the blockchain, said in April that it will be establishing presence in Malta and help the government develop its regulatory framework. Poland’s largest Bitcoin exchange BitBay is the latest startup in the space to unveil its upcoming relocation to the island stating earlier this week. Deepmind Ventures Ltd. is launching the first ICO advisory boutique with a presence in Malta, Switzerland and London. LIFEdata ICO advisory and blockchain consultancy specializes in:
- Blockchain project advisory and implementation
- ICO in Malta and Switzerland, ICO feasibility and legal assessment, ICO consultancy and support.
For more information, mail to email@example.com
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