Joseph Muscat, the prime minister of Malts during the UN General Assembly announced that through Blockchain technology Cryptocurrency has become the inevitable future of money.
Favorable Regulations for Crypto Sector
Joseph Muscat said that with the belief that through technology systems are improved and revolutionized, Malta has made efforts towards establishing itself as the Blockchain island. He said that Malta has been able to manage this feat by becoming the first jurisdiction to legally regulate the technology which did not have any previous legal regulation guidelines. He added that Blockchain has not only made Crypto the inevitable future of money, it has also allowed for the filtering of good and bad business.
The prime minister also emphasized that through the recognition of Blockchain’s potential Malta became receptive to the Crypto sector and Crypto-based businesses and even strived to draft regulations and policies that would be favorable for the sector.
Since the beginning of the year, Malta has been on the quest to creating an environment that would be favorable to and promote the success of Crypto-based businesses. The island nation was even openly praised by Binance, which is the largest Crypto exchange in the world, for her efforts to creating leading Crypto regulations. The exchange even relocated its main offices to the island.
Investing In The Local Crypto Sector
The CEO of Binance, Changpeng Zhao, announced earlier this year that the firm will be dedicatedly investing in the island nation and its local Crypto sector in order to facilitate its growth.
He said that after the firm reviewed the bill it was convinced that the nation will be the hottest destination for innovative blockchain based businesses as well as the main Crypto jurisdiction in Europe. He added that as a company Binance would be injecting funds into Crypto startups that will further grow the nation’s Crypto industry.
Right after Binance relocated its headquarters to Malta, another Crypto-based billion-dollar firm, Tron, announced that it was looking into establishing an office in the island nation. Tron also disclosed that it would also be heavily investing in the domestic Crypto sector in Malta encouraged by the jurisdiction’s open-minded approach to cryptocurrency and its permissive regulations.
Positive Change To Various Sectors
The prime minister Muscat in his speech mentioned that the government of Malta was still passionate about the many applications of the Blockchain technology including its ability to get rid of middlemen in service provision which would allow users to have the absolute freedom when it comes to information and money.
He went on to say that through Blockchain technology there would be a creation of various other solutions that would shift the way things are done in various industries including healthcare.
He said that Blockchain will lead to solutions in the healthcare sector where patients would be able to have complete control and ownership of their records. He also added that charities will also be positively affected as it would be easier to trace and verify that humanitarian aid has been released to its intended destination.