Blockchain-Friendly Malta Attracts Another Blockchain Company
Blockchain-based, equity fundraising platform Neufund, whose technology allows tokenization of shares and fundraising on the blockchain, is announcing that it will establish a strong presence in Malta and support Malta’s rapidly expanding blockchain ecosystem.
Neufund, a startup headquartered in Berlin, is the latest of many blockchain companies that have established a presence in the Mediterranean island nation, attracted by the promise of crypto-friendly regulations. Last week, cryptocurrency exchange OKEx announced that it is expanding its operations to Malta. In late March, Binance, the largest cryptocurrency exchange by trading volume, also announced plans to move operations to the cryptocurrency-friendly EU member state.
“[Virtual currencies] will form the base of a new economy in the future,” said Joseph Muscat, Prime Minister of Malta, in a recent speech.
“There is huge interest in the blockchain industry from all across the globe and it has the potential to be even more beneficial to the Maltese economy than igaming,” said digital economy parliamentary secretary Silvio Schembri.
An authority called the Malta Digital Innovation Authority (MDIA) will be created to regulate companies that operate on blockchains and to promote Malta as a destination for these companies.
Malta is not the first European nation to promote itself as a blockchain haven and try to attract capital and talent with crypto-friendly regulations, but the fact that Malta is a member of the EU could make it more appealing than, for example, Switzerland’s “Crypto Valley.”
“Looking at Malta’s vision and progress in creating a complete blockchain ecosystem, we have decided to engage our know-how and offer support in building the blockchain future of this progressive thinking EU member state,” says Zoe Adamovicz, CEO and co-founder of Neufund. “Together with Malta’s Government, we want to kick-start the creation of crypto-friendly laws with Malta’s DLT [Distributed Ledger Technology] framework initiative already serving as a great foundation.”
“We are impressed by the deep understanding and openness shown by Malta’s Government that serves as a great example to regulators all over the world being a live example that actions and official statements speak louder than words,” added Adamovicz.
Schembri added that stable and integrated markets require the long-term vision of sustainable and inclusive growth, and Neufund shares Malta’s view on how to create an ideal ecosystem for investments. “We are pleased to be accompanied by companies such as Neufund in becoming the [blockchain island],” he said.