Maltese law firm Chetcuti Cauchi Advocates has outlined the tax frameworks for companies or individuals working within the cryptocurrency and blockchain industry in Malta.
Malta’s attractive tax framework has attracted the likes of Binance and OkEX to the island. When asked how the influx of blockchain companies will affect the local economy, Chetcuti Cauchi Advocates’ Steve Muscat Azzopardi responded: “Being the first country in the world to issue such a wide ranging, full legislative regime for this industry, there’s clearly a lot of interest in companies moving to Malta. We’ve already attracted the likes of a Binance, OkEX and other another top names in the industry.”
Good morning @BlockchainMT Attendees! Come and visit us at stand #58, our Fintech Advisors are here to answer your questions. #MaltaBlockchainIsland #MaltaBlockchainSummit #MaltaBlockchainLawfirm #Blockchain #Crypto #DigitalAssets #Fintech pic.twitter.com/jO7ZS6BxvI
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Azzopardi added: “Clearly the day economy is expected to benefit from this. Not only do the companies themselves pay taxes in Malta and employ people, clearly they also need a range of support services. They will need offices to operate from servers that need to be acquired and maintained and so on.”
“There’s also the full regime of professional services such as ourselves on the legal side, accountants, auditors, and so on, so clearly it’s expected to be a boom to the economy. At the moment, the gaming industry contributes 12% of Malta’s GDP and this sector it is hoped will in time reach the same level or even exceed that.”
On the topic of blockchain in general, Dr Parker spoke about how the technology can ensure transactions happen in a more timely fashion, even at an international level.
She commented: “I think the greatest thing would be to have blockchain technology allow a transaction to be made faster and faster. So the better this technology becomes, the better transactions can be dealt with at an international level and that would enable more transactions to be done in real-time between people who are across countries, basically without the need to have them physically present in one place.”