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Malta poised to become global blockchain and crypto haven

The government of Malta has not only set up rules and regulations to make the space secure, but also put in place tax incentives and other financial schemes

Malta is arguably one of the fastest-growing economies in the European Union with a projected 5.8% this year, and 5% or so next year. And let us not overlook last year’s 6.6%, according to figures laid out during the opening session at Malta’s Blockchain Summit 2018.

Anthony David Gatt, Manager at the Investment Promotion Department within Malta Enterprise, Malta’s economic development corporation, spoke before a packed conference room, inviting startups from around the world to come to the island and take advantage of enormous opportunities.

“Here in Malta we are in the business of helping businesses establish themselves on the island, helping them to create value and employment”, he said

Incentives

Gatt explained that the government is offering great incentives to new businesses wanting to settle in the country, such as $220,000, 10-year, 3% APR loans. “There is also a capital 1:1 matching scheme, tax incentives and highly qualified advisors, consulting agents and a very talented workforce,” he said.

For many, he added, Malta is just now beginning a transformational era to host technological innovation and, more specifically, blockchain and cryptocurrency businesses.

“Malta has been on the road to transformation for many years now,” Gatt noted. “The country has been growing and improving gradually for decades now. In 2004, we became a full member of the European Union and in 2007 of the Schengen area.”

One very significant issue is the fact “that our economy is not based on revenue from one or two sectors alone. We have various thriving industries, including aviation, financial services, FinTech, gaming, pharmaceutical, manufacturing, shipping, oil and gas, and tourism”, Gatt commented.

“I believe it’s important to highlight the fact that in the very short-term, Malta will have more European flight connections than London Heathrow Airport,” he added.

Gatt concluded by saying the island not only welcomes blockchain and cryptocurrency startups, but it also supports the many firms already established there. “We have created a robust digital, technological ecosystem with very clear rules and regulations for blockchain and crypto that makes this country a very secure place to do business.”

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