Following last week's publication of the DLT framework bills, this week brings further positive news to Malta's thriving blockchain atmosphere, with an announcement from Bitbay of their intent to relocate to the island.
Bitbay, established in 2014, is Poland's largest cryptocurrency exchange, offering 29 cryptocurrencies for trading and handling $9.4m in customer money (source: www.coinmarketcap.com).
In an announcement made on the 29th of May, the exchange stated that following many months of careful analysis, it would be relocating to Malta in view of the jurisdiction being "the most friendly jurisdiction for cryptocurrency in the European Union", and that it believes the Maltese jurisdiction is the one able to provide "the best solution".
This decision further cements the island's emerging status as the prime crypto-destination in Europe. Malta was recently announced as having the highest crypto-trading volume around the globe. Chief among its advantages, Malta's DLT legislation, which has been commended by Silicon Valley venture capitalist Tim Draper, seeks to enshrine an environment based on market integrity, stability, legal certainty, and investor protection, where companies utilising DLT can flourish. The island also intends to incorporate DLT into its own infrastructure, having recently notified the public of its intent to collaborate with Omnitude to incorporate Blockchain into the Maltese public transport system.
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