Blockchain and Crypto in Malta
Blockchain is steadily gaining in market share. With its revolutionary, centralised ledger system, it has radically changed the way we see and understand (amongst other things) currency, money, assets and wealth. Malta is the first country in the world to have set up a clear regulatory framework for ICOs and as such is the prime location for founders of ICOs to set base, due to compounded security in terms of treatment of their token. It is in fact, one of the very few countries in the European Union inclined towards an open, friendly jurisdiction for cryptocurrencies and blockchain.
As Malta braces for new legislations to increase this crypto-pace, including the setting up of organisations to oversee the formation and regulation of companies (chief of which, the Malta Digital Innovation Authority Act), as well as to support businesses in registration, global companies are turning their focus on this small island in the middle of the Mediterranean.
Binance, currently based in Hong Kong and the largest cryptocurrency exchange by daily traded value, has moved to Malta in early 2018, with other companies – Neufund and OKEX Technology – reportedly following suit.
Malta is not only sheltered harbour for ICOs, it also offers a plethora of benefits for the tech-oriented business owner. Having vast experience in the gaming and technology fields, which contribute heavily to the country’s GDP, Malta offers attractive incentives that facilitate and ease setting up a company.
Without compromising on its strict quality checks, the island helps businesses establish themselves at an astonishingly fast rate; a company can be registered in two weeks, without shareholders or directors requiring travel. If set up correctly, a company with a majority foreign income and management can benefit from reduced rates of tax.
Here at TACS, we have the expertise to help you set up your blockchain-based company according to the Maltese regulatory framework, aiding you with the opening and setting up of bank accounts as well as facilitating any operations need to run a smooth back office service.
We will also take care to guide you to the necessary expert advice from our repertoire of advisors extending far into the field of ICO offerings and crypto currency legislation, needed to reap all the benefits afforded by the Maltese legislation. Get in touch with us today.