While some nations are evaluating options to ban cryptocurrency, the Maltese government is trying to establish itself as the “blockchain island.” In a bid to popularize cryptocurrency investments, the country is allowing blockchain and other allied technologies through its border.
Once these technologies are set, individuals will be able to buy and sell cryptocurrencies without involving intermediaries. This move will help reduce the processing fee while improving security.
In an attempt to attract foreign tech companies to setup camps within its borders, the Maltese government successfully passed three bills on the 4th of July. These laws will help provide legal security and a safe haven for companies who want to develop blockchain technologies and launch crypto start-ups.
The Maltese government’s deregulatory actions are certainly not going unnoticed. Recently, Binance, the leading cryptocurrency exchange, shifted its headquarters from Hong Kong to Malta.
With an aim to create a healthy atmosphere to drive blockchain innovation, Malta may witness a rapid introduction of path-breaking crypto technologies. One of these innovations is already here. The biggest Bitcoin news today is the introduction of an ATM that allows users to buy cryptocurrency.
This Bitcoin ATM is the first of its kind and was developed by the tech company Moon Zebra. Located at an important Maltese area, this should fuel the interest of local Maltese nationals and thus increase cryptocurrency investments. This is not the first crypto ATM introduced in Malta, the last one was stolen back in 2017. However, this new ATM located in Sliema allows two-way transactions, which the last one didn’t.
This ATM allows people to buy cryptocurrency by providing their public key and fiat cash through the digital interface. Once the transaction is successful, the currency bought is immediately transferred to the person’s digital wallet. People can also use the ATM to sell their cryptocurrency and get equivalent fiat cash.
One of the key advantages of the ATM is that it allows cryptocurrency investors to bypass third-party exchanges and thus save huge transaction fees. The process is also more secure and is more accessible to people with limited cryptocurrency experience. For now, the crypto ATM can only transact in Bitcoins. However, Moon Zebra promises the introduction of more ATMs and compatibility with more cryptocurrencies in the future.
As countries continue to impose new regulations to curb the spread of cryptocurrency, companies are forced to consider relocation. Nations that are not open to accepting blockchain and cryptocurrency often end up forcing crypto companies to shut their operations or consider relocation. The relocation of crypto firms has become somewhat of a trend with Kakao contemplating moving out of South Korea and Bitfinex shifting bases to Switzerland.
Malta is one of those few crypto-friendly nations that promises a safe haven and is thus attracting crypto firms from all over the globe. Apart from the deregulated environment, Malta also has a high economic growth and one of the lowest unemployment rates in the EU.