Crypto by the Med
The world’s biggest cryptocurrency exchange is setting up shop in Malta. China’s Binance is moving to the Med to avoid a crypto crackdown on its home turf – the company had been considering a shift to Tokyo but was concerned that regulation might harden there too.
It’s unlikely to find the going particularly tough in Malta. The government last month said it wanted to establish a new agency, the Malta Digital Innovation Authority, which will certify blockchain platforms and verify crypto operations.
The government is hoping the new digital agency will help bolster the island’s reputation. The authorities last week took control of Pilatus Bank, which is at the heart of the money laundering scandal exposed by the murdered journalist Daphne Caruana Galizia.
The prime minister is certainly a crypto booster. “We aim to be the global trailblazers in the regulation of blockchain-based businesses,” Joseph Muscat tweeted on news of Binance’s plans.