Binance Invests in Plans of First Decentralized, Tokenized Bank in Malta

Binance Invests in Plans of First Decentralized, Tokenized Bank in Malta

Binance, the world’s second largest cryptocurrency exchange platform, is planning to create a blockchain based bank with token ownership according to Bloomberg on July 12.

The “Founders Bank” would will be based out of Malta and owned by several digital token investors. Finances already invested in a 5% stake along with other investors at a $155 million valuation.

The aim of the project is to become the world’s first decentralized community own bank. The owners of the bank would be issued a legally binding equity tokens in return for their investment. All investment capital would be handled through the blockchain based equity platform Neufund.

A license from Maltese regulators, in accordance with European financial walls, we need to be issued before launch operations. The office of the Prime Minister of Malta, Silvio Schembri, has stated he “is honored to have Malta chosen as the location for the first global community owned bank”.

The Maltese Parliament has just recently approved three DLTs (Distributed Ledger Technologies) and crypto related bills, to remain at the forefront of blockchain innovation.  These operations continue to define Malta as the “blockchain island” and further solidifies their stance as a profound cryptocurrency advocate.

Malta Passes Blockchain Bills to Establish Framework for Blockchain Technology

Malta Passes Blockchain Bills to Establish Framework for Blockchain Technology  Malta’s Parliament passed three bills today in order to establish a regulatory framework for blockchain technology as reported by local news outlet Malta today on July 4.  The junior minister for financial services, Silvio Schembri, stated that the island nation is a pioneer in providing legal framework or future blockchain companies. This is the first world jurisdiction to provide legal certainty within this space. The move taken by Malta’s Parliament would put investor minds at ease as companies now have the necessary legal tools to operate in a regulated environment. The government now offers a stable system which will result in further economic growth for blockchain companies. Numerous blockchain and cryptocurrency businesses have already moved to Malta, as the country has taken many regulatory steps become the “blockchain island”.  Many cryptocurrency exchanges, including Binance, BitBay, and OKex have set up operations in Malta due to their blockchain development and cryptocurrency friendly space. The Malta gaming authority also issued a document of guidelines on blockchain and cryptocurrency applications within the gaming industry. The goal of the group is to apply standards to games that use cryptocurrency in blockchain technology. The government of Malta announced that they would soon be developing a project in which the use of blockchain technology would be used for recording academic certificates and diplomas.

Malta’s Parliament passed three bills today in order to establish a regulatory framework for blockchain technology as reported by local news outlet Malta today on July 4.

The junior minister for financial services, Silvio Schembri, stated that the island nation is a pioneer in providing legal framework or future blockchain companies. This is the first world jurisdiction to provide legal certainty within this space.

The move taken by Malta’s Parliament would put investor minds at ease as companies now have the necessary legal tools to operate in a regulated environment. The government now offers a stable system which will result in further economic growth for blockchain companies.

Numerous blockchain and cryptocurrency businesses have already moved to Malta, as the country has taken many regulatory steps become the “blockchain island”.  Many cryptocurrency exchanges, including Binance, BitBay, and OKex have set up operations in Malta due to their blockchain development and cryptocurrency friendly space.

The Malta gaming authority also issued a document of guidelines on blockchain and cryptocurrency applications within the gaming industry. The goal of the group is to apply standards to games that use cryptocurrency in blockchain technology.

The government of Malta announced that they would soon be developing a project in which the use of blockchain technology would be used for recording academic certificates and diplomas.

Binance Backs Malta’s Stock Exchange’s Startup

Binance Supports Malta Stock Exchange’s Startup Accelerator Program

The Malta Stock Exchange (MSE) has announced that digital currency exchange Binance is backing its newly launched program to support fintech and crypto startups, Finance Magnates reported June 18.

According to a tweet by the MSE’s official Twitter account, it will accept up to twelve fintech companies to utilize the facilities proposed within the newly established program:

MSX FinTech Accelerator Programme aims to support and mentor fintech startups and entrepreneurs to become more competitive. Within the program, entities will be offered services such as in-house accounting and payroll, facilities including offices and conference rooms, a training center, and communication services. Thomson Reuters has also reportedly joined the program as a mentor.

Commenting on the accelerator program, the MSE chairman Joseph Portelli said that the exchange will enable both local and foreign organizations to bring their products to the market faster by offering “easy access to a readymade solution.” A Binance spokesperson said:

“We moved our operations to Malta precisely because it has demonstrated its progressive approach to supporting and developing the crypto and blockchain industry. Malta is creating a safe and legislated environment for the industry to become reputable, attracting companies like ours and many others. The Malta Stock Exchange reflects these values, providing the infrastructure for entrepreneurs and start-ups to flourish in what is otherwise a highly competitive industry.”

Binance is one of the largest digital currency exchanges in the world, with a 24 hour trading volume of nearly $1.2 billion at press time. Currently its token Binance Coin is trading at $16.68 with a total market capitalization of $1.9 billion, according to CoinMarketCap. Binance is also working on the launch of a new Malta-based cryptocurrency trading platform which will allow crypto-fiat trading by the end of the year.

Earlier this month, Binance made an undisclosed investment in Malta-based blockchain-powered esports voting platform chiliZ. Binance and chiliZ will reportedly “join forces” to provide the sports industry with a “fan-driven token ecosystem for traditional sports teams.”

In April, Binance partnered with Ugandan blockchain organization Crypto Savannah in order to support economic development of the East African country. The partnership will promote “economic transformation” by generating employment as well as attracting investment to Uganda.

Binance Sets Up Bank Account In Malta

Binance-Sets-Up-Bank-Account-in-malta

Binance announced today that the company would be setting up a bank account in Malta, as reported by going Cointelegraph on Wednesday, June 6.

Binance, who currently has a trading volume of over $1.47 billion according to CoinMarketCap brings the exchange one step closer to allowing fiat to cryptocurrency deposits and withdrawals on its platform.

The founder of Binance Changpeng Zhao stated that the new bank account is an extremely significant development ever since the exchange announced that they would be relocating their headquarters in Malta.

The country is quickly establishing itself as the ultimate haven for blockchain and cryptocurrency companies. A few dozen blockchain companies have already established themselves on the island since late March alone.

Binance indicated that they plan to launch their headquarters within the year. Zhao stated that the company’s plans are going well as they are in talks with Malta’s traditional stock exchanges about future collaboration.

In related news, Binance announced that they are going to create a $1 billion cryptocurrency based support fund for new cryptocurrency startups and blockchain companies. Each of the 20 partners for the project is required to have at least $100 million in asset management.

Polish Crypto Exchange, BitBay, Will Move to Malta Due to Bank Shutout

Polish-Crypto-Exchange,-BitBay,-Will-Move-to-Malta-Due-to-bank-shutout

The largest cryptocurrency exchange in Poland, BitBay, has decided to shut down their activities within the country as the banks will no longer cooperate with the exchange. This reported on their website May 29.

The exchange will be moving to the Republic of Malta where laws are much more crypto friendly. The Polish government currently recognizes cryptocurrency mining and trading however their overall stance has become more critical in recent months.

BitBay plans to give users a notice period of one month which will expire on September 17. After May 31, user accounts will no longer be able to access the exchange in the Polish language however the functions of the exchange will be active. After September 17 users will only be able to withdraw funds. After that date, all trading activities on the exchange will be inoperable.

Once BitBay resumes operations in Malta, users will be able to create new accounts at that time. The domain name and trademark will stay the same.

BitBay currently trades 29 different cryptocurrencies with a market capitalization of $9,270,725.

OKEx , Worlds 2nd Largest Crypto Exchange Moves to Malta

OKEx-Worlds-2nd-Largest-Crypto-Exchange-Moves-to-malta

Malta welcomes the second largest crypto exchange today , OKEx , as published within their press release on April 12. Recently Malta passed many legislations concerning cryptocurrency, ICO’s, and blockchain technology in an attempt to become the ultimate crypto friendly “Blockchain Island”.

Binance, the world’s largest exchange by trade volume, also announced in March that they plan on opening an office in Malta due to warnings from Japanese regulators.

Malta released a document in February labeled “Malta – A leader in DLT Regulation,” and plans on establishing several regulatory organizations supporting blockchain and cryptocurrency. Two of these regulations are the Malta Digital Innovation Authority Bill and the Virtual Currencies Bill.

After a meeting with Maltese regulators, OKEx states within their press release, that the crypto framework they reviewed has lifted their confidence in the Malta governments. After reviewing their approach to cryptocurrency and blockchain, they have decided to make Malta a foundation for future OKEx growth.

CEO of OKEx Chris Lee states…

“We look forward to working with the Malta government as it is forward thinking and shares many of our same values: the most important of which are protection of traders and the general public, compliance with Anti Money Laundering and Know Your Customer standards, and recognition of the innovation and importance of continued development in the Blockchain ecosystem.”

According to CoinMarketCap, OKEx is the second ranked cryptocurrency exchange by 24 hour trading volume with over $1.6 billion traded over a 24 hour.

Malta Gaming Authority Issues Guidelines On Blockchain And Cryptocurrency Applications Within The Gaming Industry

Malta Gaming Authority Issues Guidelines On Blockchain

MGA (Malta Gaming Authority) recently issued a document with guidelines regarding the applications of blockchain and cryptocurrency within the gaming industry on March 27.

 

The document titled “Guidance on the use of Distributed Ledger Technology and the acceptance of Virtual Currencies through the implementation of a Sandbox Environment” sets up a basis of guidelines and standards for games that intend to use cryptocurrencies in blockchain technology.

An MGA licensing system for game developers, suggest that the establishment of accepting cryptocurrency as a means of payment through digital currency wallets, deposits, and calculation of exchange rates will be subject to approval through the system.

MGA states that they will only accept games that are fully hosted or partially on the blockchain environment, provided that the operator ensures that the gaming service is not disrupted by operational set up.

MGA will also accept DLT verification to determine whether a game is fair and truly random, which are important concepts within the electronic gambling industry.

MGA offers to test games that adhere to the new cryptocurrency and blockchain protocol. They have developed a specifically engineered sandbox environment which are open to all game developers.

This is set up to protect customers from anti-money laundering schemes as well as stay in compliance with EU 4th Anti-Money Laundering Directive.

Crypto Coin Junky reported that Kik app recently rebuilt plans to partner with a videogame company Unity Technologies and moving towards a more mainstream adoption of its new Kin cryptocurrency which will be utilized within the gaming industry.

Binance Seeks To Open New Offices In Malta After Japanese Regulators Issue Warning

Binance Seeks To Open New Offices In Malta After Japanese Regulators Issue Warning

Binance, one of the largest cryptocurrency exchanges by volume currently, has announced that it will be opening an office in Malta with regard to the news yesterday that Japanese regulators have issued a warning to the exchange.

The report stated that the Financial Services Authority (FSA) had ordered to shut down Binance operations in Japan for failing to register. Binance currently disputes these claims.

The Hong Kong-based company will work with local Malta banks regarding deposits and withdrawals, for the fiat to crypto based exchange.

World’s First ICCO: Palladium & Bittrex Team Up to Build New Crypto Exchange
World’s First ICCO: Palladium & Bittrex Team Up to Build New Crypto Exchange
 

The Malta based blockchain company, Palladium, just announced that they will be launching the world’s first initial convertible coin offering (ICCO). The platform will be powered by the Bittrex cryptocurrency trading platform technology. The official announcement was announced on the Bittrex support blog on July 10.

Palladium plans to distribute hundred $150 worth of their tokens towards building a regulated cryptocurrency exchange in Malta. The initial development of the exchange is scheduled to begin on July 25

The cryptocurrency exchange will reside within the crypto friendly jurisdiction of Malta, famously known as the “blockchain island”. The remaining funds left over from the initial round of investor capital will be used to acquire a controlled interest in the European bank. Other strategic investments in blockchain companies and financial services will also be purchased with the remaining investor capital as to complement Palladium’s future business model.

The project is expected to be a for stork landmark which bridges the gap between traditional finance services and cryptocurrency. It is also expected to create more than 100 job opportunities within the budding economy of Malta.

The New World of ICCO

ICCO’s will essentially allow investors to convert their cryptocurrency into company shares which they can cash in at a later date. In Palladium’s case, three years after the initial sale.

The creation of an ICCO is considered to be a solution to the cryptocurrency industry’s biggest obstacle as it will help bridge the gap between cryptocurrency trading and traditional stock trading services.

The creators of the ICCO consider it to be one of the most innovative and unique investment opportunities of the year. Institutional investors who were concerned with the volatile and unregulated climate of cryptocurrency will be able to freely invest in ICCO’s due to their compliance and regulations by trustworthy governments.

Bittrex Powered ICCOs

The Bittrex cryptocurrency platform currently has over 25 million users as well as 250+ altcoins available or trade. In order to purchase ICCO tokens, investors will need to sign up for the Bittrex trading platform.

The technology that currently powers the Bittrex trading platform will provide the same security, scalability, and reliability for the sales and trade of ICCOs as it provides for its current trading platform users. According to the CEO of Bittrex, this will most likely help the company progress as a leader in cryptocurrency trading and further advance its power in blockchain technology.

Huobi Launches OTC Cryptocurrency Exchange in London

Huobi, the Chinese cryptocurrency exchange confirmed today that they’ll be opening an office with over-the-counter (OTC) trading set to begin in the third quarter of this year.

The crypto exchange, which claims to have a global user base of over 5 million, continued its narrative to expand into Europe as a priority, establishing London as its new base of operations.

Huobi set its sights on London as being the major location getaway above all others.

A representative from the exchange stated, “London was deliberately selected as the first office in Europe due to its authority as a global financial center. The region has an active blockchain community in fast developing market”.

This move follows similar decisions with other major industry exchanges like Binance, who decided to relocate one of their offices to Malta back in April.

Huobi’s presence in London will also provide improved access to European financial markets as well as enable UK-based blockchain in crypto startups to benefit from their Huobi Labs and the Huobi Ecosystem Fund.

At the time of this release, Huobi is the third largest cryptocurrency exchange in the world trading over 500 million in daily trade volume according to CoinMarketCap.

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