Binance And Malta Stock Exchange Partner On Blockchain Island For Security Token Trading Launch
It looks like Binance, the largest crypto exchange in the world, is already making the most of its new departure to Malta, the Blockchain Island. The company is now teaming up with the Malta Stock Exchange (MSX) to enable security token trading in the country.
Wei Zhou, the Chief Financial Officer of the crypto exchange, has secured the partnership with MSX’s chairman Joe Portelli to launch the new platform on Malta today. The finance minister of the country, Edward Scicluna, has praised the crypto industry on a press conference and has affirmed that Malta will not miss any opportunity to take advantages of this new industry for the growth of the island.
@MaltaStockExch pleased to announce an MOU signed, with crypto giant @binance, to set up a security token Exchange.We are becoming a leading crypto centre of excellence. @JosephMuscat_JM @edward_scicluna @SilvioSchembri @cz_binance pic.twitter.com/F3T86y7g44
— Malta Stock Exchange (@MaltaStockExch) September 11, 2018
Portelli agreed that the blockchain and cryptos have a level of risk, but affirmed that this is not an excuse to let others get ahead of you and take advantage of it alone. He firmly believes that the blockchain (or distributed ledger technology) is here to stay.
Scicluna also took the moment to note that the country is currently using its best legal team to create an efficient legal framework for the crypto industry in the country so that more blockchain companies are able to come and develop their businesses in Malta.
The Malta Stock Exchange has gone as far as creating a brand new entity called MSX PLC which will be fully used to explore this new technology and explore how the digital assets can be used financially by the company.
Binance And Malta
The largest crypto exchange in the world has left China this year due to the regulation and crypto “witch hunt” happening in the country and decided that the Blockchain Island would be its new home. After setting up shop in Malta, Binance has been working closely with the authorities to expand its business in a compliant way.
The company announced plans to create the office in Malta in March it affirmed in June that it would support fintech startups and entrepreneurs in the island together with the MSX.
Binance has also acquired a five percent stake in the Founders Bank of Malta, which is planning to create a decentralized bank using the blockchain technology as a basis for the platform.
Malta Stock Exchange Is Interested In Cryptos
MSX has some other efforts to grow in the blockchain market besides the ones with Binance. In July, the company was able to team up with Neufund to secure the tokenization of assets in which was credited as a move to create a regulated and decentralized global stock exchange for listing and trading tokenized securities and crypto assets.