Malta Prime Minister Supports Cryptocurrencies at the UN General Assembly

Joseph Muscat, the Prime Minister of Malta, has talked about virtual currencies and blockchain technology during the UN General Assembly. He said that he believes that blockchain technology will be improving different systems and that cryptocurrencies are the future of money.

At the same time, he talked about Malta and how the island has created a proper system to regulate virtual currencies and blockchain technology.

About It, He Commented:

“I passionately believe technology revolutionizes and improves systems. This is why in Malta, we have launched ourselves as the blockchain island. By being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies inevitable future of money. More transparent it helps filter good businesses from bad business.”

Malta is known around the world as the Blockchain island. In 2018, the European country has been focused on improving its legislation and legal framework to allow virtual currency and blockchain firms to settle in the island.

For example, Binance, the most important cryptocurrency exchange in the market has decided to settle its operations in the country. At the same time, the company has several times praised the efforts made by the island in order to receive new companies and enterprises.

Changepneg Zhao, Binance CEO, has talked very positively about how the government of the island is doing everything is possible to allow innovation to flourish. Additionally, he said that Binance is doing everything as possible to help build a healthy regulatory environment in the country.

Another European cryptocurrency exchange, BitBay, decided to leave Poland due to very regressive policies taken by a conservative government. Malta has been selected as the place to settle their operations and continue to offer services to customers in Europe.

All these important developments in the country, allowed Malta to be positioned as one of the most crypto and blockchain friendly places all around the world.

The Prime Minister explained that the government is very excited about the potential applications of blockchain technology and how it can improve different industries such as health care or education.