Leading cryptocurrency exchange Binance signs a deal with the Malta Stock Exchange to host traditional assets using blockchain-based tokens.
The move marks another significant milestone for the trailblazing #Blockchain Island, which Binance now calls home after relocating from Hong Kong and opening a new headquarters in the tiny Mediterranean country.
According to a press release dated 11th September, MSX, the fintech and digital asset subsidiary of the Malta Stock Exchange said that it had signed a memorandum of understanding with Binance to launch the security tokens trading platform.
Malta Stock Exchange chairman Joe Portelli said:
“Malta is taking the helm of regulating blockchain technology and cultivating a center of excellence within the global digital innovation landscape,”
Once again the wisdom of getting ahead of the curve by passing legislation giving certainty and structure to a blockchain and AI orientated economy is proving its worth, with Malta stealing a significant lead on other nations.
Binance CEO Changpeng Zhao commented:
“We are excited to continue to help build the blockchain ecosystem in Malta, which has become a global hub for blockchain technology through active and transparent crypto regulations,
“This partnership will allow Binance and MSX to host traditional financial assets on blockchain technology through security tokens. We look forward to bringing more innovations to Malta and further establishing our presence here.”
Binance joins OKEx
Back in July this year, MSX had revealed its plans to make Malta the home of the world’s first decentralised tokenised bank – a move fully supported by the Maltese government.
The agreement between Binance and MSX means they now join OKEx – the international division of Chinese platform OKcoin – who had previously signed a similar agreement in July.
Commenting on the OKEx move, Malta Stock Exchange chairman Joe Portelli said:
“Malta is on the cusp of becoming a center of excellence within the global digital innovation landscape,
“We are thrilled to be teaming up with OKEx, a leader in the digital currency sector, to leverage our expertise on the compliance and regulatory front to truly be a trailblazer within the security token sector.”
Leading Blockchain but Lacking Basics
Already one of the epicentres of the global iGaming and sports betting industries, despite its small size, Malta is enjoying the kind of phenomenal growth rarely witnessed in the developed world.
As anyone currently living and working in Malta will understand though, questions remain as to whether the small nation can upgrade the rest of its infrastructure, especially traditional banking, public transport and general service standards, quick enough to maintain such growth.
After all, taxes and legislation are one thing but when other countries, offering better infrastructure, facilities and standards of living, manage to catch up on those fronts, Malta may find itself at a severe disadvantage.