Binance, which operates as the world’s largest cryptocurrency exchange, has announced that the European island nation of Malta will become their new home of operations due to their progressive advancements towards pro-blockchain government legislation.
Europe seems like the most logical place for a company like Binance to set up shop for a number of reasons. Most importantly, it's how government lawmakers in Malta are actively looking at blockchain’s potential vast future use functions. Malta isn't alone either. Two other countries in Europe, Switzerland and France, also continue to actively engage in crypto’s future. The Swiss Financial Market Supervisory Authority (FINMA) has passed progressive laws making Zug, Switzerland a global hub for cryptocurrencies giving it the title of ‘Crypto Valley’. Just a few days ago France moved ahead with plans to make themselves the ‘Capital of ICOs’.
Along with the move, Binance has plans to expand rapidly and are going to hire at least 200 more people with their new move and expansion plan.
Binance CEO & Founder, Zhao Changpeng said:
“After meeting with Parliamentary Secretary, Mr Silvio Schembri, we were impressed by the logical, clear and forward thinking nature of Malta’s leadership. After reviewing a proposal bill, we are convinced that Malta will be the next hotbed for innovative blockchain companies, and a center of the blockchain ecosystem in Europe. Binance is committed to lending our expertise to help shape a healthy regulatory framework as well as providing funds for other blockchain start-ups to grow the industry further in Malta.”
An E.U. member nation, Malta’s government has been pro-blockchain for some time now, and more recently the Mediterranean nation has been working on plans for a Malta Digital Innovation Authority. Along with this positive news, the new Digital Innovation Authority was revealed just last month, along with announcement for the government's ‘Virtual Currency Act’, which will create an auditing framework to regulate blockchain-driven investments like token sales.
Ironically, this annoucement comes one day after a false story was written saying Binance was issued a warning by the Japan Financial Services. This fake news caused the cryptocurrecny market to take a near immediate hit. Changpeng Zhao immediately issued a public statement saying the story was a complete and total fabrication.