Binance Joins Forces with Malta Stock Exchange to Open a New Crypto Exchange
Originally published on: CoinSpeaker
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September 12, 2018
Malta is known for its efforts to become the most crypto-friendly jurisdiction in the world. CoinSpeaker has already reported about the initiatives taken by the country’s government with a view to create attractive conditions for crypto businesses from different corners of the world.
A number of the leading crypto companies have aready relocated their headquarters to Malta or established their new offices there. Among the most prominent names we can mention the operators of the world’s largest cryptocurrency exchanges, Binance and OKEx.
Recently, it has become known that Binance that is the largest cryptocurrency exchange by daily trading volume in the world is going to launch a new digital exchange. The exchange will be launched in cooperation with the Malta Stock Exchange and will be specialized in security token trading.
Wei Zhou, the chief financial officer of Binance, and Joseph Portelli, the chairman of the Malta Stock Exchange, have signed a memorandum of understanding that presupposes cooperation on the issue of the launch of a new digital exchange.
At the press conference that was held after the signing ceremony, the country’s Minister for Finance Prof Edward Scicluna was among those who gave their comments. Speaking about blockchain and cryptocurrencies, he said that this technology is truly revolutionary and it has real potential to trasform the world.
Moreover, according to him, this area is really a promising one for Malta to establish itself, that’s why the government doesn’t want to miss any single chance to do it. He undestands that this sphere is associated with a high level of risk but “this is not an excuse to let it go by and be taken up by others,” the minister added.
As it was said MSX PLC, that represents itself the fintech and digital asset subsidiary of the Malta Stock Exchange, had been established purposely for taking part in projects and ventures like that. According to the minister, such form of cooperarion and leading business is exactly what a small open economy like Malta needs.
Nevertheless, it was highlighted that there is a lot to be done in the aspect of increasing the level of transparency and effectiveness of anti-money laundering tools. There are also some gaps in consumer rights policy. Scicluna said that the main advantage of their country is that they at least understand that new technologies require appropriate regulation.
The minister expressed his deep hope that Malta would achieve great success in the area of blockchain and cryptocurrencies just like it had managed to do in the gaming sector after it had launched the Malta Gaming Authority.
It’s worth mentioning that last month there also was some news from Malta on the establishment of a new digital exchange. It was informed that Bitbay, a crypto exhange from Poland, and investment platform Neufund had signed a similar agreement on coopearion with the Malta Stock Exchange.