The Battle Between The Nations Growing To Appeal To Cryptocurrency Businesses

By Kapil Gauhar

There is a developing fight between small European countries that are hoping to boost their economies by drawing crypto and blockchain companies into their outskirts by introducing regulation that is agreeable with the blockchain business.

Two such countries that are currently in tight rivalry to win the favour of crypto and blockchain industry are Malta and Gibraltar, and because of later geopolitical events in Europe, it currently appears that Malta is pulling ahead in this competition owing to its hardened position to remain in the European Union.

For the last couple of years, Gibraltar and Switzerland have both been viewed as the go-to nations for companies working with DLT (Distributed Ledger Technology). However, since Brexit companies are currently hoping to be situated in a nation that awards direct access to a whole market.

Before the beginning of the Delta Summit gathering in Malta, the CEO of wallet service Crypto.com Kris Marszalek explained to Bloomberg why his organisation picked Malta over Gibraltar, saying –

“Malta is staying in the European Union, and that’s not going to change. I went to Gibraltar a while ago, and they were very open about the fact that they had no certainty about what’s coming — it doesn’t look as if anything has changed since then.”

Since Malta is firm in its position to stay in the EU, and Gibraltar’s future status as an EU country stays hazy, investors believe that their products will be quite accessible to the EU markets when located in Malta.

In spite of the pattern for DLT and blockchain companies to move to Malta, it has its difficulties because of political concerns.

It’s normal that the European Commission will be issuing formal restricting requests on Malta’s budgetary regulators with a specific end goal to diminish the measure of illegal exercises happening in the nation, including tax evasion and defilement.