First Stock Exchange for Cryptocurrency to be set up in Malta
January 2019 is all set to be a landmark month for cryptocurrency users in Malta, as the city’s first Blockchain and cryptocurrency Stock Exchange –Malta Stock Exchange (MSX) – will begin operations.
Malta, a destination city for crypto users, traders and developers have been exploring every avenue before it, to become the market leader in cryptocurrencies. As the world turns towards a digital economy, transiting from traditional currencies, Malta has slowly but steadily built the ecosystem and the institutions vital for such cryptocurrency economy to thrive.
Malta proposes to manage the stock exchange via its subsidiary it has lately set up for its financial technologies services and digital asset management. It is called, Fintech and Digital Asset, and will ensure to be the bridge for government and private technologies to advance in the region.
The announcement of the new installation on Malta’s skyline was made by the partner chose to offer such exchange services, OKEx.
OKEx will jointly establish MSX by later half of 2018, with a target of beginning trading operations in January 2019. This will allow both partners to leverage their advantages such as OKE’s expertise in cryptocurrencies and the knowledge base of MSx in complying with government requirements for operations in mined currencies.
The archipelago is lately transforming itself into frontline ‘Blockchain Island,’ by constructing a regulatory framework which encourages cryptocurrency businesses to head towards this all crypto-destination.
Malta’s mission is to help achieve the goal of cryptocurrency – worldwide adoption of distributed ledger technology. But the city would like to focus nearly entirely on two specialties – education and transportation.
According to legal experts WH Partners, who offer blockchain advisories regards Malta as a blockchain technology enthusiast who will realize its dream of making the cryptocurrency an important monetary instrument. Joseph Borg, of WH Partners, says that “Malta is destined to become a hub for innovative technology start-ups and established blockchain-based businesses to thrive while creating economic growth on the island.”
Legislative Framework positive
The advantage Malta has in the region is that the technology is being embraced by the government itself as it explores avenues for its economic growth and prosperity. The nation is attempting to take advantage of its strategic geographic location and become the entry to other nations located on either side of its location that is Europe and into Africa. Thus, the ongoing focus of the government in adding value to its reach and trading capability – digital transactions – will allow it to develop into a force to reckon with in the region.
The government has been keen on developing an inductive environment for the agencies engaged in cryptocurrencies. It has already introduced three legislative frameworks to achieve this goal. The first is the Malta Digital Innovation Authority Act, followed by the highly appreciated Innovative Technological Arrangement, followed by the Services Act and Virtual Financial Asset Act. These will launch Malta into the high seas of cryptocurrency trade. The proposed exchange will also provide the much-needed stimulus for further trading events and practices.