Malta Island Attracts Attention from Islamic-focused Crypto Exchange, Huulk
A recent report by CCN revealed that crypto exchange, Huulk, known for being Sharia compliant, is currently seeking the necessary licenses to operate in Malta. According to the CEO of Huulk, Ibrahim Mohammed, the platform plans to secure more partnerships across Europe moving forward.
A religion-based move, especially of one that has been under a lot of heat, has been deemed important by an unnamed source with experience in this matter. In particular, this approach would help to redefine cryptocurrencies and blockchain from the outlooks of several Muslim countries.
As for the proposition made to Malta, the exchange plans to serve as a platform that supports digital assets, stocks and commodities. Mohammed shared that Malta’s Bianchi Holdings Ltd would serve as the equity partner – serving a similar position in Binance’s plan to establish a crypto-backed bank owned by its respective community.
In terms of Huulk exchange’s long-term goals, it seems like the team involved will explicitly help “20 Islamic fintech firms”, as a way to boost confident in said firms. Some countries of interest that have been noted by CCN include Turkey and Malaysia for the time being.
This isn’t the first time that crypto firms turned to Malta for establishing related operations. The island has been known for its friendly approach towards cryptocurrencies and blockchain technology. A rule book, dubbed “Virtual Financial Assets (VFA),” has also been created to permit crypto-business operations, without any hindrances attached (i.e. scams, thefts, limitations, etc.).
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