Malta. Crypto Regulations That Made Blockchain Island Flourish

Malta. Crypto Regulations That Made Blockchain Island Flourish

Malta has literally paved its own way in the world to no longer serve as a resort for English learners. One of the smallest countries in the EU and having no natural resources, Malta is really good at understanding its strengths. Over the years, it has been ready to listen, seize opportunities, and run with them for a simple reason. It is its tiny size that enables Malta to implement any idea in the short time period.

Call it adventurous, but this country was the first to introduce the regulation of online gambling, which now accounts for 12% of its gross national product. Home to 500+ online casinos, Malta issues licenses to websites putting them on the UK Gambling Commission’s “whitelist” under the terms of competitive licensing fees and appealing tax rates.

It is not unthinkable that gambling industry developers from the Malta Remote Gaming Council did the groundwork for crypto, deciding to broaden the range of service. Let’s see how in just one year, a virtually unknown country became the “Blockchain Island” spoken about by Forbes.

Cryptocurrency Regulation in Malta

In 2018, Malta’s ex-prime minister Joseph Muscat attracted public attention at the 73rd United Nations General Assembly (UNGA) in New York City saying Malta is “the first jurisdiction worldwide” to regulate cryptocurrency.

It’s hard to imagine a thing like that being announced at an annual event where world leaders speak of global warming, pollution, and world peace. Crypto taking over fiat was announced by a top public official, not just some crypto-enthusiast shilling a doubtful coin or fraudulent ICO. And this, ladies and gentlemen, is the dawn of a new financial age.

The Malta Financial Services Authority

Maltese open tax regime and an open-door policy towards crypto gives Malta the name of a disruptive government. “The best building in Malta,”…

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