Singapore-based AlphaBit Digital Asset Exchange (ABCC) has announced plans to establish an office in the island-nation of Malta to expand their presence in Europe.
“We are delighted to announce the opening of our first expansion into Europe and our partnership with Delta Summit,” said ABCC CEO Calvin Cheng.
“Indeed, we look forward to working closely with the Government of Malta and support its transition into a digital innovation centre of excellence.”
ABCC says it is committed to improving its presence in European countries and beyond through the small Mediterranean nation.
The firm also says it will create jobs as well as opportunities for investment in Malta. With this move, the company is expecting the creation of new employment as well as opportunities for investment in the island country.
ABCC is 11th
In spite of having begun operations only four months ago in April as the first transaction-fee crypto exchange, ABCC currently ranks 11th in the world based on trading volume.
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ABCC’s decision follows those of Okex and Binance. Binance began its operations as a crypto exchange about a year ago in China and then moved to Japan and ultimately to Malta. Binance is currently the largest cryptocurrency trading platforms in the world by volume. In May, Bitbay also announced a move to Malta.
Sponsoring a summit
ABCC is one of the many sponsors of Malta’s blockchain Delta Summit 2018, which will take place from 3rd to 5th October and bring together startups, investors and companies to promote the sharing of innovations, trends and insights.
“I thank ABCC for putting their trust in Malta and for providing their input to implement our vision and make Malta The Blockchain Island,” said Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation of the Malta Office of the Prime Minister.
“Indeed, we look forward to working closely with the Government of Malta and to support its transition into a digital innovation centre of excellence.”
Malta will also be hosting a Blockchain Summit in November, in partnership with Coin Rivet.
Schembri said ABCC’s decision to open an office in Malta “comes just a few weeks after the Maltese Parliament enacted into law the highly anticipated three bills which will pave the way for the creation of a new economic sector.”
In June, the government of Malta passed three bills that regulate blockchain and cryptocurrencies.
Schembri says the country’s regulatory framework has been well thought out to approach the blockchain and cryptocurrency sector with a long-term vision.