The blockchain island of Malta has been featured on many occasion on our DC Forecasts crypto news site. This time, we are featuring the potential of the postage stamp-like nation nestled in the Mediterranean again – mostly because of its attractive climate for crypto/blockchain businesses, British expats and other things.
As of recently, Malta has become famous for more than its rich heritage. It was also a welcoming home for the iGaming sector which is worth approx. $1.4 billion (12% of the country’s GDP). On top of this, the European island of Malta was able to register a surplus of €182 million for 2017 which is its second year in a row with a plus like this.
The country is being talked about in blockchain regulatory circles as well, mostly because of its progressive stance on cryptocurrency, even being rebranded as “the Blockchain Island”. The prime minister of Malta, Joseph Muscat, recently gave a compelling speech to the United Nations about how countries should work together to solve the world’s problems.
Still, Malta is commonly on the radar mostly because of the sticky issues coming with cryptocurrencies – with money laundering as the biggest among them. On the surface, however, it is definitely a country and an island that is a pioneer in the cryptocurrency regulation space – especially after passing three new crypto bills this summer and becoming the first and only country to regulate cryptocurrencies in such way.
This has helped Malta attract even more crypto businesses and establish a regulatory framework for cryptocurrencies, blockchain and DLT in general.
To sum things up, Malta is definitely living up to the hype of crypto, blockchain and fintech – being one of the several places on Earth which crypto and blockchain enthusiasts can call a home.
IRS Is Hunting Cryptocurrency Traders With Warning & Action Letters
First Crypto Banks In Switzerland Are Seen As A “Game Changer”
“This is the first time such licenses have been granted worldwide, so Switzerland is playing a pioneering role. We now have a responsibility as an enabling platform to help banks and other financial players make the step into the digital asset world.”Other members of the bank and officials agreed that crypto will apparently "come out of the shadows once these assets are done in a 100% compliant manner" This, according to the official who runs the group's Singapore operation, is a "game changer." What is very interesting is the fact that Swizerland has been one of the leading players in the global adoption of tokenized digital assets and DLT technology. The country is in the process of updating its financial legislation to incorporate the new technology. To remind you with a piece from our altcoin news, Switzerland is also the home to Facebook's Libra cryptocurrency foundation - which was set up in Geneva. Other established players such as the Swiss stock exchange and state owned telecom giant Swisscom are also involved, as well as a number of startups. The benefits of tokenizing all types of financial assets in a purely digital format and then trading them on DLT ledgers are believed to be manifold - and instantaneous settlement might help big time in the future. Even though there are some critical voices about the adoption, the fact that Swizerland houses the first crypto banks is definitely a positive sign for the entire industry.
China Plans Crackdown On Crypto Mining In Inner Mongolia
“The virtual currency ‘mining’ industry belongs to the pseudo-financial innovation unrelated to the real economy, and should not be supported," the report summed up, indicating that China plans crackdown.China's regulatory approach towards crypto mining has been somewhat inconsistent, sources reported. This left it unclear what exactly what the recent notice will mean for miners operating in the province of Inner Mongolia. In a tweet with a reaction to the ChainNews' report, a partner at Primitive Ventures and popular crypto commentator (featured on many best cryptocurrency news sites) named Dovey Wan wrote:
“I doubt this will have any impact.”What's also interesting is that as of the end of May, China was responsible for 70% of the global BTC mining. At the time, reports showed that China plans crackdown and that regulators were investigating illegal mining operations in Sichuan - a province which is responsible for 70% of the Bitcoin (BTC) mining thanks to the electricity generation of the Dadu River Basin. In April this year, reports in the altcoin news also showed that the National Development and Reform Commission in the country was considering a ban on crypto mining throughout the country. This tentative ban led to speculation that mining would be forced to leave the country or go underground - which was clearly a troubling proposition for the Chinese regulators. China currently houses the majority of the world's hash power and so far, no ban like this has entered into law. Meanwhile, the recent Bitcoin and coming altcoin news show an increase on the markets.
Netherlands Could Block Foreign Crypto Firms Under New Laws
“It’s a really nice step. I’m not saying they are embracing crypto. [But] we are finally moving forward after a long period of silence,” Datema said. “It’s good they are taking action. If we want the market to mature and the participants to evolve… you want anti-money laundering (AML) and proper know your customer (KYC),” he summed up.
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- First Crypto Banks In Switzerland Are Seen As A “Game Changer”
- China Plans Crackdown On Crypto Mining In Inner Mongolia
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