Earlier this month, Binance, one of the most widely utilized multi-billion dollar cryptocurrency trading platforms alongside the likes of Coinbase and Bitfinex, has established a handelsbank account te Malta.
Malta’s Pro-Blockchain Legislation
Spil a part of the European Union (EU), Malta is a country with a strong financial industry and economy which contribute to the completo financial structure. Contrary to the claims of some analysts early on, Malta isn’t a petite country that has welcomed multi-billion cryptocurrency businesses to solely improve its economy, it is a well-established economy that has legitimate banking fucking partners and that is a part of the international banking system.
The government of Malta has bot pro-blockchain and cryptocurrency since , and its officials worked closely with major cryptocurrency companies like Binance to facilitate the growth of the específico cryptocurrency and blockchain sector.
Ter March, Binance officially and permanently relocated its headquarters to Malta, with the intent of establishing a partnership with específico banks and financial institutions.
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“We are very certain wij can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and fintech,” Binance CEO Changpeng Zhao, better known to the cryptocurrency community spil CZ, said.
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Ter a statement, the Binance team further emphasized that the government of Malta has made a stiff decision to permit the cryptocurrency industry to become a large part of the country’s economy by passing a bill that would permit específico authorities to regulate blockchain-driven operations.
“An E.U. member nation, Malta’s government is pro-blockchain, and is actively building a supportive regulatory and technical infrastructure. Plans for a Malta Digital Innovation Authority were exposed last month, and the country is ter the process of formalizing a ‘Virtual Currency Act’ that will pave the way for a first-of-its-kind auditing framework made specifically to regulate blockchain-driven investment operations such spil token sales,” the Binance team explained.
Handelsbank Account, At Last
This week, Binance successfully obtained a canap account and secured a partnership with a locorregional canap ter Malta, opening the possibility of the integration of fiat currency pairs, such spil the US dollar, Euro, and the British pound.
Many cryptocurrency exchanges have struggled to obtain banking vrouwen overheen the years, and even Bitfinex, one of the thickest cryptocurrency trading platforms, had its conflict with Taiwanese banks ter the past.
The establishment of a canap account for Binance to treat its fiat-to-crypto operations could eventually lead to an influx of cryptocurrency exchanges injecting the Maltese blockchain sector, primarily to benefit from the government’s pro-blockchain legislation and to receive support from almacén banks.
Ter South Korea, a region wherein the majority of major banks fully support cryptocurrency businesses and operations, major platforms like Bithumb and Korbit suffered from unstable banking services ter late , which analysts argue led to a decline ter trading volume.
Financial and banking stability provided by Maltese banks could lure te cryptocurrency businesses ter the brief to long-term, especially cryptocurrency exchanges that are looking to integrate fiat trading pairs.
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