With an urge to increase its massive existing investor base of 75,000 individual investors, the Malta Stock Exchange has teamed up with Binance, the world’s leading cryptocurrency exchange. The alliance is a rather brisk one, owing to a short span of three months of the shift of Binance’s headquarters to Malta. This step would be of great significance to the Malta Stock Exchange for maintaining its focus to support and develop the domestic market, and also to consolidate its position in the European Union. Citing Joseph Portelli, the chairman of the Malta Stock Exchange, “It is clear that Malta is becoming a fintech and blockchain centre of excellence.”
Financial technology (FinTech) is the new technology that aims to compete with traditional financial methods in providing financial services. Financial technology companies consist of both startups as well as established financial and technology companies. Commonly, the accelerator programmes are meant to provide the startups with support and lead them towards development in a short period of time.
The newly assembled MSX FinTech Accelerator Programme has been primarily created to assist FinTech start-ups. Furthermore, it includes a mentoring programme which aims at bringing together FinTech, international technology, media leaders and cryptocurrency start-ups. The mentoring programme includes the provision of in-house services such as payroll, office space, conference rooms, state of the art communication, and a training centre. The major aim of MSX FinTech Accelerator Programme, however, remains to aid start-up companies. The alliance with Binance would further enhance the contour of this programme.
While announcing the launch of the seed accelerator, Binance expressed its gratitude towards Malta’s flexible regulatory dominion, “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 Maltese government had cordially received Binance, when it made the announcement concerning the shift of its headquarters to their nation. Joseph Muscat, the Prime Minister of Malta, tweeted:
“Welcome to #Malta @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world-class fintech companies.”
Malta is creating a legislative and supportive environment for the blockchain technology. As an effort in this direction, the country has installed Bitcoin ATMs and also, it organised the Blockchain & Bitcoin Conference Malta. In addition, three bills have been reported to have made their way through the Maltese Parliament and are expected to pass this summer.