Malta opens its doors to Crypto technology.

Malta opens its doors to Crypto technology.

Many nations in Europe, like the UK, have been sceptical about cryptocurrencies, and not willing to embrace tech business working within the crypto sector. While some governments have closed its doors to cryptocurrencies, Malta has come up with a regulatory framework which will encourage its use. This will allow Virtual Currency Act into law..

“Binance’s presence in Malta sustains our vision, that of making Malta "The *Blockchain Island,” said Parliamentary Secretary for Financial Services, Digital Economy & Innovation Silvio Schembri.

Binance is looking to recruit 200 staff as soon as possible and the move will bring an instant boost to Malta’s economy, and a unique opportunity to become the centre for crypto innovation.“Binance will soon start a “fiat-to-crypto exchange” on Malta, and is close to finalize an agreement with local banks that can facilitate access to deposits and withdrawals,” said CEO Changpeng Zhao.

This strategy will be very beneficial to European customers, who can soon have another major exchange that will accept fiat deposits. The only immediate concern is if the exchange were to suffer a hack or technical problem, it could potentially disrupt the crypto markets. However the Maltese government is confident that it still worth the risk based in a future vision of the importance of cryptocurrencies in particular the blockchain technology.