7 Reasons why Malta is the Blockchain Island
The little gem in the Mediterranean, known for its rich culture and exciting nightlife, is quickly gaining a reputation as the Blockchain Island. Investors are flocking to Malta, and with good reason too!
The closer you look at the island, the more reasons you’ll find why Malta is well on the way to pioneering the way the world looks at cryptocurrencies.
1. First Country to Legislate
Right off the bat, the Maltese authorities have done their utmost to put the minds of Crypto Companies at ease. The three bills, which breezed through parliament on the 4th of July, ensure “legal certainty” for cryptocurrencies. In the eyes of Maltese law, Blockchain enterprises are defined and recognizable entities. The bills also cover the creation of an industry-specific body which regulates and governs development; the “Malta Digital Innovation Authority.” The final bill deals with Initial Coin Offerings, which should help the growth of younger cryptocurrencies. These bills create a fertile environment for Blockchain-based companies and cryptocurrencies to grow and mature within a legal framework.
The new regulations aim to cut away the “layer of bureaucracy,” and streamline the process of approvals for potential investors claimed the Maltese Prime Minister Joseph Muscat. With the backing of the Maltese of government and several Industry-friendly policies (which include the release of Blockchain licences) the stage is set for Malta to become Blockchain Island!
2. Buzzing Shows Attracting Top International Crowds
Malta, with its new regulatory framework, is leading the pack. Events such as the Malta Blockchain Summit are a reflection of this momentum. Expect a buzzing expo and riveting discussions about the world-changing potential applications of the Blockchain as well as AI, Big Data, Quantum Technology and IoT.
The Malta Blockchain Summit anticipates hitting legal capacity at one of Malta’s leading 5star hotels, The Intercontinental, expecting 8,000 delegates, 300 Exhibitors (of which we are one) and 1,000 investors! This event will also feature a Hackathon and an ICO Pitch and various afterparties.
3. Reliable Professional Services
Malta offers a wide array of professional services to support international businesses who are moving to Malta or operating from their own countries, ranging across all core business services.
Some examples of local businesses delivering a reputable service include E&S Group for tokenomics and legal services particularly focused on Blockchain. When it comes to developing smart contracts or blockchain applications Smart Studios are making waves. Growth Gurus are leading the way in blockchain branding, website and marketing strategies. Property agencies such as Remax can help you rent or buy office space and residential apartments for your team.
4. Why not work from an Exotic Island?
Malta’s open-minded economic policies aren’t the only reason Malta is referred to as the jewel of the Mediterranean. Long before cryptocurrencies were even conceived of, Malta was attracting tourists from all over the world. With its beautiful beaches, glorious, sunny weather, vibrant nightlife and historic culture, there is something to suit everyone’s tastes in Malta!
The island is not only renowned for its nightlife, Malta’s high standards of education, museums and restaurants also make it appealing for those with a family. While not necessarily essential, it is always a plus for a company to be based in such an attractive island as it allows for unparalleled employee satisfaction. Who doesn’t enjoy the luxury of being able to go sunbathing or for an unwinding swim a few minutes away from work?
5. Excellent Tax Rates
Malta’s economic framework is designed to encourage foreign businesses to invest and set up shop in Malta. Although it is one of the smallest nations in Europe, it boasts some of the lowest unemployment rates (about 4.4%), as well as some of the highest incomes in the European Union with a per capita GDP of almost 28,000 Euro. But perhaps the biggest incentive for foreign investors is Malta’s low tax rate, as low as 5%!
6. Malta is economically stable
While Malta doesn’t have any form of Primary Resources, the island has proved to be very financially savvy, one of Malta’s most lucrative businesses is IGaming which has provided jobs for several individuals be they local or foreign. A significant amount of commerce is also generated through Tourism on a daily basis, especially during the long summer months.
By World Bank standards, Malta is seen as a high-income country. This means that Malta is an economically stable country which implies a secure investment for foreign companies seeking to plant roots on the island.
According to Malta parliamentary secretary for financial services, Silvio Schembri:
“We [Malta] have tourism, we have the service industry, we have finance and gaming.”
7. Tried and Tested Policies
Several foreign businesses, including those unrelated to Blockchain or cryptocurrencies, have already been operating in Malta for a number of years. As a result Malta’s policies have been tried and tested and are designed to encourage international operations. European Citizens can live and operate in Malta with ease as per EU agreements.
Any individuals from countries within the Schengen agreement (as well as Iceland, Norway, Switzerland, The Azores, Madeira and the Canary Islands) can also live and travel freely in and out of the island. Visas are required for other countries, however it is possible for everyone to earn a residency which allows holders to travel to and fro from the island freely. The Residency process is also made especially easy for overseas hires, so as to encourage the employment of specialists.
Will you be joining us on Blockchain Island?
Several other countries across the world have been sluggish or down-right critical of cryptocurrencies. However cryptocurrencies are “the inevitable future of money”, as said by Malta’s Prime Minister, and it would not be surprising if other European countries follow in Malta’s footsteps to regulate cryptocurrencies.
Whatever the future may hold, cryptocurrencies are sure to have a strong foothold in Malta, the world’s first Blockchain Island! Come check us out!