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Crypto Exchanges Might Leave Malta

3 December 2019, 12:49
Votes: 1

According to the recent predictions, crypto exchanges, based in Malta, may face challenging regulations.

Crypto Exchanges Might Leave Malta

The island country, which strictly complies with EU law, hosts a number of the leading operators on the crypto market.

However, due to the fact that a more rigorous policy regarding exchanges might be introduced in the state, it is probable that some large firms will decide to leave for another country of registration. For example, Bittrex, one of the leading cryptocurrency exchange, has recently switched from Malta to Liechtenstein. All these changes can be explained by the unstable situation in the state: recently published reports of government corruption and a journalist’s murder raise doubts about the good conditions for the market in Malta. Besides, the Prime Minister of the island nation Joseph Muscat is going to resign, which might affect a crypto-friendly climate in Malta.

Nowadays, twenty-one major exchanges, which are based in Malta, are waiting to meet their licensing requirements. Among them, there are such leading exchanges as OKEx and Binance. For instance, Changpeng Zhao, Chief Executive Officer of Binance, has named Malta a ground for innovation in the field of cryptocurrency.

Of course, Europe is now one of the best places for crypto trading since EU regulations let banks to serve a high number of exchanges and clients. However, it is still uncertain if the situation in the island state would remain favorable for crypto exchanges.

As mentioned earlier, Chinese authorities have recently adopted a cryptography law. As the country’s media claim, it will come into force as early as next year.

Read more: Best Cryptocurrencies to Invest in 2019. The Most Promising Coins According to Experts

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