Mark Mason
Well-known member
Binance is Opening an Office in Malta
The CEO of Binance, Zhao Changpeng, said they plan to open a “fiat-to-crypto exchange” office in Malta due to regulation uncertainty.
Zhao elaborated that they “are very confident we can announce a banking partnership there soon,” and that “Malta is very progressive when it comes to crypto and fintech.” As evidence of Malta’s crypto friendliness, Zhao was invited by the Maltese government to review a pending bill that favored crypto businesses. The prime minster of the European island-state, Joseph Muscat, also tweeted “Welcome to #Malta @binance, [w]e aim to be the global trailblazers in the regulation of blockchain-based businesses.” The announcement comes as the world’s largest crypto exchange, located in Hong Kong, is beginning to face larger regulatory pressure in Asia.
China was one of the first to put larger pressure on crypto businesses. Recently, Japan’s Financial Services Agency issued a warning to Binance for operating without a license. Binance had an office in Japan and was in the process of obtaining a license, but pulled its staff to avoid a clash with regulators. Binance is currently engaged in talks with the Hong Kong Securities and Futures Commission, whom issued warnings to exchanges to not trade digital assets without a license, but the exchange is unsure of what will be the outcomes of the talks. As another risk hedge, Binance also announced plans to launch a decentralized exchange in the coming months, but that the technology is not ready to replace their current infrastructure.
Search for regulation friendly economic zones
Hong Kong grew to its current financial dominance because of its relatively relaxed laws and open markets compared to its neighbors. However, as crypto begins to take on the properties of early financial infrastructure, Hong Kong and other financial power houses are beginning to reverse their history and tighten the regulations on crypto businesses. Perceptive of a competitive advantage, Malta is launching very pro-crypto regulations such as the Malta Digital Innovation Authority in an attempt to become the new financial capital for crypto related businesses.
Read more: https://www.dashforcenews.com/binance-is-opening-an-office-in-malta/
The CEO of Binance, Zhao Changpeng, said they plan to open a “fiat-to-crypto exchange” office in Malta due to regulation uncertainty.
Zhao elaborated that they “are very confident we can announce a banking partnership there soon,” and that “Malta is very progressive when it comes to crypto and fintech.” As evidence of Malta’s crypto friendliness, Zhao was invited by the Maltese government to review a pending bill that favored crypto businesses. The prime minster of the European island-state, Joseph Muscat, also tweeted “Welcome to #Malta @binance, [w]e aim to be the global trailblazers in the regulation of blockchain-based businesses.” The announcement comes as the world’s largest crypto exchange, located in Hong Kong, is beginning to face larger regulatory pressure in Asia.
China was one of the first to put larger pressure on crypto businesses. Recently, Japan’s Financial Services Agency issued a warning to Binance for operating without a license. Binance had an office in Japan and was in the process of obtaining a license, but pulled its staff to avoid a clash with regulators. Binance is currently engaged in talks with the Hong Kong Securities and Futures Commission, whom issued warnings to exchanges to not trade digital assets without a license, but the exchange is unsure of what will be the outcomes of the talks. As another risk hedge, Binance also announced plans to launch a decentralized exchange in the coming months, but that the technology is not ready to replace their current infrastructure.
Search for regulation friendly economic zones
Hong Kong grew to its current financial dominance because of its relatively relaxed laws and open markets compared to its neighbors. However, as crypto begins to take on the properties of early financial infrastructure, Hong Kong and other financial power houses are beginning to reverse their history and tighten the regulations on crypto businesses. Perceptive of a competitive advantage, Malta is launching very pro-crypto regulations such as the Malta Digital Innovation Authority in an attempt to become the new financial capital for crypto related businesses.
Read more: https://www.dashforcenews.com/binance-is-opening-an-office-in-malta/