Countries are Fighting to Appeal to Crypto Businesses: Sign of Massive Demand
There is a growing battle between small European nations that are looking to boost their economies by drawing cryptocurrency and blockchain companies into their borders by introducing regulation that is friendly to the blockchain industry.
Two such nations that are currently in tight competition to win the favour of the cryptocurrency and blockchain industry are Gibraltar and Malta, and due to recent geopolitical events in Europe, it now appears that Malta is pulling ahead in the competition due to its solidified position to stay in the European Union.
For the past several years, Gibraltar and Switzerland have both been seen as the go-to countries for companies working with Distributed Ledger Technology (DLT), but since Brexit, companies are now looking to be located in a country that grants direct access to an entire market.
Before the start of the Delta Summit conference in Malta, Kris Marszalek, the CEO of wallet service Crypto.com, explained why his company chose Malta over Gibraltar, saying:
“Malta is staying in the European Union, and that’s not going to change. I went to Gibraltar a while ago and they were very open about the fact that they had no certainty about what’s coming — it doesn’t look as if anything has changed since then.”
Because Malta is firm in their position to stay in the European Union, and Gibraltar’s future status as an EU nation remains unclear, investors believe that their products will be more accessible to the EU markets if they locate themselves in Malta.
Source: News BTC