A partnership between “Binance” and “Malta Stock Exchange” to launch a new market for cryptocurrencies
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Answer A partnership between “Binance” and “Malta Stock Exchange” to launch a new market for cryptocurrencies
Binance, the world’s largest cryptocurrency trading platform by daily trading volume, announced a new memorandum of cooperation with the Malta Stock Exchange to launch a new market for cryptocurrency trading, which will be specifically created for trading “security tokens” or what is known as securities.
The agreement was signed on Tuesday (yesterday) through a Memorandum of Understanding between Joseph Portelli, President of MSE, and Wei Chu, who represents the position of Chief Financial Officer of Binance, and the meeting was also attended by Professor Edward Skeluna, Minister of Finance of Malta. It is reported that Skylona was noticeably absent from the collective scene and the cryptocurrency project in Malta, which is usually the prerogative of Youth Minister Silvio Schembri.Read:Saudi giant Aramco invests $5 million in a blockchain platform
The goals of the “new cryptocurrency market”
The new trading platform will build on the exchange’s 26-year track record of operating as a licensed stock exchange, with associated regulatory compliance and build on Binance’s business model and global reach. However, this is not the first time that a new cryptocurrency trading platform has been announced in Malta. Earlier last month, Neufund and Bitbay announced a cryptocurrency trading project and a similar agreement with the Malta Stock Exchange.
At the press conference following the signing of the agreement, Skylona described the technology as revolutionary and world-changing. He said Malta would not miss any opportunity to keep pace with this development, insisting that it would be “crazy” not to establish itself in this field. Like many new technologies, the blockchain and encrypted digital currencies are also not without risks, and this is what Skylona acknowledged in his speech.
Skilona said MSX PLC, a subsidiary of the biotechnology and digital assets arm of the Malta Stock Exchange, was set up specifically for such projects. This type of service “fits well in a small and open economy such as what is happening in Malta.Read:How do cryptocurrency exchanges manipulate trading volumes?
Skylona also emphasized the need for transparency and effective measures to combat money laundering, as well as respect for consumer rights, explaining that the difference between Malta and other jurisdictions is that Malta has recognized that new technology needs new regulations.
Turning to the new legislation for Malta’s digital ledger technologies, Skylona said that some of the best legal minds had applauded Malta’s approach to the new sector, and the Minister hoped that Malta would enjoy the same success it had with the gaming sector after Establishment of the Malta Gaming Authority.
Near challenges and long goals
However, the legislative framework that was proposed in the three paragraphs about “blockchain” includes some onerous requirements that will be significantly difficult to achieve if the business is really taking off. The current bearishness in the cryptocurrency markets is also affecting investor confidence.
Portelli said the government has shown itself as a leader in the world of commandoes, adding, “Whether you like it or not, the technology is here to stay.” He continues, “We look forward to seeing this new and exciting market opportunity match guiding the boundaries of the Maltese financial sector.”Read:Decentralized finance projects “DeFi” rebound and total closed value “TVL” reaches a new record
Portelli insisted that secret exchanges of Aman tokens would become common worldwide within a few years. For his part, Chu thanked the Maltese government and the Malta Stock Exchange for being able to work on this “revolutionary project”.
He said that the “Binance” platform is here to offer people complete freedom with regard to their money and investments. “The company is very pleased with the reception it has received in Malta and the regulations that have been put in place for the ecosystem to thrive.”
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