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Security Tokens Trading Platform | Binance & Malta Stock Exchange MOU

The subsidiary of the Malta Stock Exchange, MSX PLC, has signed a Memorandum of Understanding (MOU) with crypto exchange Binance. The pair will launch a new Security Tokens Trading Platform.

According to a press release from today, the new trading platform will benefit from the two bodies in two ways:

  • From the Malta Stock Exchange’s “26-year track record of operating as a regulated stock exchange” 
  • From the international reach of Binance’s business model.

Security Tokens Trading Platform

And it’s precisely this business model that makes Binance the biggest crypto exchange in the world.

It holds the coveted title as, at its height, it had a 24-hour trading volume of $2.2 billion. But on an average day, it has a median trading volume of $1.45 billion, according to CoinMarketCap.

Earlier this year the exchange opened in Uganda and it also moved to the notoriously crypto-strict South Korea.

But Malta presents bigger opportunities for the exchange. Binance has been growing its footprint in Malta over the last year and Malta isn’t dubbed the “Blockchain Island” for no good reason. The country holds a pro-crypto stance, along with regulations that offer favorable conditions for cryptocurrency and blockchain businesses.

Binance CEO Changpeng Zhao has spoken on the partnership with MSX, saying:

“Malta […] has become a global hub for blockchain technology through active and transparent crypto regulations. This partnership will allow Binance and MSX to host traditional financial assets on blockchain technology through security tokens.”

Joe Portelli, the chairman of the Malta Stock Exchange, expressed how the new venture opened a “new market opportunity [to] develop and push the boundaries of the Maltese financial sector.”

>> Crypto Daily News: OKEx Founder Arrested by Shanghai Police and Man Lost Life Savings When Bitcoin (BTC) Crashed

Crypto Developments Mean Infrastructure for Malta

The Maltese Government is keen to take advantage of the developments that new business brings to its country. Its infrastructure will be greatly improved by encouraging blockchain and crypto business to move to its shores. 

Currently, digital innovation and road infrastructure are at the top of the to-do list for parliament.

Featured Image: Deposit Photos/PromesaStudio

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New Stablecoin Backed by the Euro, EURS

A Malta-based company Stasis has launched a new stablecoin called EURS. EURS is backed by the Euro and should trade on a one-for-one basis. The coin has been built on the Ethereum EIP-20 standard platform and has already begun trading on London-based exchange DSX already.

DSX predict the order volume to reach $500 million USD by year-end.

Stablecoins: EURS and Tether

Anyone familiar with Tether may scratch their beard dubiously at the EURS coin. But why?

Firstly, it is important to know that a stablecoin is the name given to a coin that is backed by an actual tangible asset, and in Tether’s case, its company claims that every tether coin on the market is backed by one US dollar — similar to Stasis’ claim about the EURS coin (except a different currency).

Every Tether is said to be tradeable on a one-for-one basis with the dollar. However, for months, controversy has surrounded this claim as it has never been legitimately proven. Also, the company’s terms and conditions state that “Tether reserves the right to refuse to issue or redeem Tether Tokens”, and some fear this give the company credence to not redeem the currency at the one-for-one value it claims.

Stasis 

Stasis will have to prove the true value of the EURS coin to gain market trust. There is no denying that stablecoins can bring more stability to the crypto world; providing an easier way for people to get in and out of a position and the demand for such an asset is certainly there. EURS will be effective on exchanges in lieu of fiat currency. In such a case, traders can trade their fiat for EURS and then enter an exchange with EURS, safe in the knowledge that the value of their currency will remain the same no matter the volatility of market prices. Not having to use fiat currency means that money can be moved between crypto exchanges without having to use wire transfers.

So in theory, anyone who holds EURS will have nothing to worry about because at any given time the tokens can be redeemed for real Euros.

Gregory Klumov, Stasis CEO stated: “EURS bridges the gap between traditional finance and the cryptoeconomy…While cryptocurrency trading is currently dominated by individual and retail investors, STASIS and EURS will pave the way for institutional investors to enter the game and begin allocating capital – that’s what’s needed to take the industry to surpass the trillion dollar mark.”

Stasis adds that EURS was specifically developed to satisfy growing demand for cryptocurrencies from European institutional investors.

Last week, Malta brought three new bills into law. Their purpose? To encourage cryptocurrency businesses to set up shop there. Stasis has announced it will obtain a license under this new regulatory framework.

>>Malta is a Blockchain Powerhouse; Passes Three New Crypto Bills

Silvio Schembri, the Maltese Minister for Financial Services, Digital Economy and Innovation said on the matter:

“We therefore welcome any blockchain initiatives such as STASIS that while being innovative, will still respect and encourage compliance and we look forward to the company applying for a licence under our DLT regulatory framework.”

Featured Image: Deposit Photos/michaklootwijk

 

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Malta Blockchain Regulations | Will Malta Be the First Blockchain Island?

Malta blockchain regulations: Last night, four bills surrounding the blockchain sector in Malta were approved by Parliament, according to Malta Today. Will Malta become the first blockchain island?

Three of the bills approved were to help establish a regulatory framework for Malta’s emerging blockchain sector, and the other bill was to establish Infrastructure Malta.

Malta Blockchain Regulations: Blockchain Movement & Economic Growth in Malta

“Through innovation, Malta is fast becoming a pioneer in economic innovation in order to strengthen its economy through the creation of a new economic niche. This is resulting in other bigger countries following the footsteps that Malta took in this field,” the secretariat said.

Before the approval of the blockchain regulatory framework, there were several companies that announced their decision to move their operations to Malta (such as Binance and OKEx). With businesses moving to the island, this will create more quality jobs for its residents.

Currently, digital innovation and road infrastructure are at the top of the to-do list for parliament.

“The parliamentary approval of the law regarding Infrastructure Malta is a great step forward to strengthen the work and investment through which our country will have roads and other infrastructure of the highest quality in the years to come,” Ian Borg, Transport Minister, said in a press release.

All of this is an effort to bring economic growth to the country, something it so desperately needs. The blockchain regulatory framework is a first of its kind, and something investors are excited about.

“I am optimistic that further companies will choose Malta to operate from with a system that offers stability and that will eventually result in further economic growth,” said Silvio Schembri, Parliament secretary for the Digital Economy.

It will be exciting to see Malta’s growth within the next year and what other businesses will set up shop in the country. Do you think Malta could become a blockchain island?

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Malta Passes three Crypto Bills

Three crypto bills have been passed by the Maltese parliament through their second reading. This further cements the tiny Mediterranean islands ambition to become the “Bitcoin continent of Europe”.

The announcement was made by the Parliamentary Secretary for Digital Innovation Silvio Schembri at the Malta Institute of Management Cryptocurrency Considerations for Management Conference. The conference was held at the Radisson Blu hotel in St. Julian and saw speakers across different sectors of the cryptocurrency and blockchain sphere. 

The Three Crypto Bills

The approved bills will provide a clear legal framework for the necessities of setting up a legitimate cryptocurrency or blockchain-focused business in Malta. The island hopes this will help to secure it as a positive jurisdiction for crypto business and therefore put it on top of the list for investors and company owners.

The three bills are:

The Virtual Financial Assets Act

This act deals with the regulation of ICOs and states that projects funded via an ICO must publish White Papers. 

The Malta Digital Innovation Authority Act

This act regards an industry-specific governing body that will be set up to protect and help manage businesses.

The Innovative Technology Arrangements and Services Act

This bill concerns the regulation of designated innovative technology arrangements.

>>Why are Crypto Companies Moving to Malta?

Malta is Already Popular

Malta has already lured major exchanges Binance and OkEx to its shores, as both exchanges plan to relocate to the island within the year. These two are among the largest crypto trading platforms in the world; each processing daily, more than $950 million in transactions.

Binance has already opened a bank account in the country and says its decision to relocate was to enable fiat-to-crypto deposits and withdrawals; something Malta is planning on implementing with local bank partnerships.

Malta’s regulatory stance towards cryptocurrency and blockchain has been described as “logical, clear and forward-thinking,” by Binance CEO, Changpeng Zhao.

Will we see more exchanges moving to Malta? Will these three crypto bills create a haven for new and existing business? Already ahead of the game, Malta may just become the ‘Cryptopia’ it wants to be.

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