At the UN General Assembly, the Prime Minister of Malta, Joseph Muscat, said that Blockchain technology would inevitably allow crypto-currencies to become a future substitute for traditional money.
He declared:
"I truly believe that technology is revolutionizing and improving systems. That's why in Malta we created a friendly jurisdiction for Blockchain projects. Thus, the country became the first in the whole world who began to regulate this new technology, which previously existed in a legal vacuum. Blockchain makes crypto-currencies the inevitable future of money. "
Prime Minister Muscat stressed that, recognizing the potential of technology, Malta openly adopted crypto-currencies and business in this new industry, leading a global sector with favorable regulatory rules.
The success of Blockchain-Island
Since early 2018, Malta has focused on creating an ecosystem that significantly improves the business of crypto-currency and blockchain companies.
Binance, the world's largest crypto currency exchange with approximately 10 million users and 200 million profit for one quarter, openly appreciated Malta's efforts to manage the crypto currency regulation, moving its headquarters to this region.
Changpeng Zhao, CEO of Binance, said the company is focused on investing in Malta and its local crypto currency markets to help the growth of the blockchain industry.
"After reviewing the bill, we were convinced that Malta would become the next hotbed for innovative companies and the center of the Blockchain ecosystem in Europe. The Binance Exchange will share its experience to form a favorable regulatory framework, as well as provide funds to start-ups for their further development in Malta, "Zhao said.
Shortly after Binance moved to Malta, Tron, another multi-billion dollar company based in Beijing, revealed the intention to create an office in the country and invest in the Malta's crypto currency market.
In such a short period of time, Malta's ambitious plan to become the leading region in the global crypto-currency space allowed the country's economy to quickly go up, strengthening the position of the island state as the leader of the innovation sector.
In his speech, Prime Minister Muscat further explained that the local government is still passionate about the potential of technology and its ability to eliminate third-party service providers in order to give users complete freedom in terms of information and money.
He explained that Blockchain will ultimately be the basis for solutions that can replace the existing infrastructure in such large industries as health and charity.
Earlier it was reported that at the crypto currency market bitkoyn, according to the research, about 36% of all BTC tokens are considered lost. Given the limited emission of crypto currency, experts believe that, to date, "technically" Bitcoin is in short supply.
Author: Olga Novikova, analyst of Freedman Club Crypto News
