The world welcomes new cryptocurrency enterprises

09 Jul 2018

Good news for those interested in the cryptocurrency revolution: Malta and Abu Dhabi have just announced rules aimed at encouraging blockchain and cryptocurrency businesses.

Malta is the first country to bring in such laws which make it a particularly hospitable place for new blockchain businesses. The rules include the creation of a regulatory body for the crypto industry and the registration/certification of companies involved in blockchain and cryptocurrencies.

Malta was already known as an attractive home for blockchain businesses, with businesses including OKEx and Binance – one of the world’s largest crypto exchanges – setting up bases on the island. Creating a welcoming environment is helping Malta maintain its place at the forefront of the digital currency world.

It will have competition from Abu Dhabi which is attracting new cryptocurrency businesses with its new Spot Crypto Asset Framework.  Under the framework, cryptos will be considered commodities and covered by anti-money laundering and consumer protection rules.

But it’s not only Abu Dhabi and Malta playing a part in the crypto revolution. In the first five months of this year there were more launches of cryptos than in the four years to 2017. And Switzerland is one of the major hotspots with $13.7 billion (CHF13.6 billion) of blockchain start-ups in the first five months of the year.

Ivo Hemelraad, Group Director – Corporate, Funds & Legal at ZEDRA said: “Across the world, cryptocurrencies are gaining pace. Importantly, the new rules in Malta and Abu Dhabi enhance the regulatory environment – which is good news for investors and those involved in these currencies”.