How Malta became the world center of the crypto industry

Two-thirds of the world's largest crypto-exchange markets today are planning to move to Malta, and it is possible that soon other participants of this market will follow their example. What is it that attracts crypto entrepreneurs in a small Mediterranean island?

The world's center of the crypto industry, Malta has become thanks to the efforts of the authorities of this country, says Bloomberg. While many states, concerned about the growing interest in crypto-currencies, are trying to limit or even completely prohibit operations with them, the most favorable conditions are created for this market in Malta.

The Maltese legislators are working today to settle the work of crypto-exchange trades, traders and brokers, and do so in such a way that market participants are confident in their future. Do not forget about the favorable tax policy - an effective tax rate for international companies in Malta is only 5%.

Of course, the opportunity to conduct a transparent and legal business can not but attract crypto entrepreneurs who regularly suffer from fraud, hacker attacks and unpleasant legislative surprises.

In Asia, such "crypto-cash hubs" already exist (first of all, we are talking about Japan, South Korea and Hong Kong), so the Asian markets today account for a significant share of world trade in crypto currency. However, everything is far from perfect there either.

After several cases of fraud and theft, Japanese authorities tightened the rules for the operation of crypto-exchange exchanges. The position of the Hong Kong and Korean regulators is also not certain. So the creation of another hub in Europe (where previously only Switzerland was such a position) is of strategic importance for the entire global crypto-currency market.

One of the largest crypto-exchange exchanges, Binance, has already announced the move to Malta. The same is planned by many other crypt companies - for example, Tron, OKEX, Neufund and The Abyss.

According to Maltese officials, the Crypto-currency is the "inevitable future of money", which means that they will form the basis of the entire world economy. In the short term, Malta's benefits are also evident - the atmosphere favorable for the industry will help the country create new jobs and spur economic activity. Binance alone plans to hire about 200 employees in Malta, which is quite significant for an island with a population of only 437 thousand people.

It is interesting that Malta became the first member of the European Union to follow this path. The EU authorities are only studying the possibilities of legalization of the crypto-currency market, and the experience of the island state will certainly have a serious impact on these plans.