Economy

Malta’s blockchain drive gains momentum

Despite Malta's size and limited resources, the island has been determined to be at the forefront of the blockchain technology, providing a regulated and tech-friendly framework of DLT operators  and the fintech industry at large. Such initiatives have led to an ever-growing interest by international businesses and start-ups who are looking at investing in this sector, including the likes of Binance, OKex, Tron and BigOne.

The latest market entrant is Palladium, a Maltese based blockchain company with another two foreign companies, one of them being Bittrex, has launched the first-ever regulated Initial Convertible Coin Offering (ICCO) which bridges traditional financial services and cryptocurrencies.

The island's efforts to position the country as a digital leader in Europe are paying off. In 2017, the island once again registered the highest economic growth out of all countries in the European Union, with a real GDP growth of 6.6 per cent – over double the average growth of 2.4 per cent recorded in the rest of the EU28.

Malta also offers a wealth of industry technical and legal knowledge, ensuring that the foundations have been laid for an administrative, legal and regulatory framework to support the development of the blockchain industry and all its stakeholders. The i-gaming success story has no doubt contributed to Malta’s position as the go-to country for growth-minded entrepreneurs and multinational companies, and there is no reason why blockchain technology should not achieve a similar path to success.

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