The booming blockchain industry seems to be taking a different direction as many countries continue to dive into the use of digital currencies. The latest jurisdiction into the industry is a subsidiary of the Malta Stock Exchange known as MSX PLC. Through a Memorandum of Understanding (MOU) the digital asset has agreed to work with Binance.
The MOU confirms the rapid expansion of the crypto sphere in Malta. Thus, bringing on board the world’s largest cryptocurrency exchange is a further indication that all systems are set to set up shop on the island. According to Malta’s Prime Minister Joseph Muscat, the aggressive steps will be diversifying the European Union’s smallest economy.
The island is quickly capturing an outsize share of crypto trading
At the time of signing the MOU, Wei Zhou, Binance’s Chief Financial Officer expressed optimism in the partnership. Together with MSX Chairman Joe Portelli, they both agreed that the partnership would play a vital role in hosting traditional financial assets on blockchain technology. It will also help in boosting Malta’s recognition of its vigorous and transparent crypto regulatory climate.
Apparently, Binance has previously worked with the Maltese authorities. Hence, its support of the newly launched MSX FinTech is not really a strange thing. In what seems as a backing to the Island’s move, Portelli says, “Malta is taking the helm of regulating blockchain technology and cultivating a center of excellence in the global digital innovation landscape.”
But there is a wide gap in how financial authorities view Cryptocurrencies
It is worth noting that the blockchain technology is becoming part of a solution when it comes to anti-money laundering procedures. However, it is not every region that is comfortable with crypto trading and various authorities have beefed their regulatory scrutiny.
A case in point is that of the French authorities, which has implemented serious measures and standards regarding Cryptocurrencies. China has also curbed local trading by banning initial coin offerings. On the other hand, the Swiss authorities are seeking to become a “crypto nation.”
Clearly, there lies a lot of uncertainty around the future regulation of Cryptocurrencies. In the meantime, Malta continues to develop and push it newly found opportunity.