The Blockchain Island of Malta, the popular crypto hub island where many crypto businesses moved their headquarters because of the good regulation climate is slowly falling short of the mark. In the blockchain news today, we try to find out why is this the case.
According to blockchain expert Steve Tendon, the small country is no longer a Blockchain Island. He claims that Malta totally missed the point of the power cryptocurrencies have. The major opportunity that the island didn’t take was because they forced companies to put down the physical presence on the shores of the country. Tendon was a part of an integral part of the Malta Blockchain Task Force and even advised the minister of the country to implement a blockchain strategy.
He was very enthusiastic at the start about the potential of cryptocurrencies and how they can change the world as Malta was doing at the beginning. However, after he saw that the country fell into the trap of following the model for success, he became disengaged. He has since went on to pursue new projects and placed all of his attention to Marshal Island’s SOV trying to really show the true potential blockchain has. He explained:
‘’Truly encapsulates the “blockchain island” problem: a situation of extreme isolation and an urgent need to forge connections — connections which are not rooted in the constraints of geography, space, and physical resources,’’
Tendon explained that the Blockchain Island of Malta had a plan to create an entirely virtual jurisdiction which could serve to connect the cryptocurrencies and blockchain technology to the reset of the global financial system. This was a very strong move that Malta was unwilling to take at the end. Cryptocurrencies have many advantages when it comes to sending cross-border payments and this is only a scratch on the surface. The technology as he explained, means that we can obtain digital identity management and we can even automate the number of tasks that have organizational and jurisdictional boundaries. The advantages are really to compelling to ignore but they are however too different from everything that has ever come before and it is hard to agree on their integration in the existing economic and legal systems as per the analysis in the crypto news.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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