The Malta’s Prime Minister, Joseph Muscat, is a well-known supporter of cryptocurrencies and blockchain. He intends to make the Island a strong leader in introducing new technologies.
It is noteworthy that cryptocurrencies on Malta’s island are not only legal but even taxed. As the cryptocurrency price rises, the income of the wallet owner also rises. This equates as a securities trading.
Such income is taxed as legal entity profit. Malta is also a leader of cryptocurrency sales. Analysts believe this reasons cryptocurrency exchange platform Binance have relocated into this little country.
Blockchain technology introduction is planned to be brought on the state level.
There works a law in a test mode which recognizes registration in the blockchain as one of the important stages in concluding written operations. They’re avowed as important as notarization and state registration. At the moment, this is true only for leases sphere. Most of the country’s residents deal with rent questions.
Now all lease agreements will be announced using blockchain technology. As Muscat noted, this is a new level of comfort.
The state supports development of the blockchain. So it is an attractive place for the development of new cryptocurrency companies. Malta serves as the house for many cryptocurrency companies. For example, there are offices of Binance and OKex.
The Malta blockchain startup EFFORTS focused on reducing energy consumption without altering current needs. This point has attracted attention of Steve Wozniak. Steve became the co-founder of the company because efficiency was always in the first place for him.
It’s planned that the startup will help reduce the use of electricity for industrial enterprises. That is not only beneficial but also will have an advantageous effect on the environment.