The development of the financial technology industry has led to the creation of digital money which can be used to purchase items on the Internet. Digital money is usually referred to as cryptocurrency.
Most European countries allow the use of cryptocurrencies even if they have not put in place a specific legal framework related to trading digital money and Malta is no exception to this. Investors who want to open cryptocurrency businesses in Malta must register one of the available types of structures allowed by the Commercial Law.
Our lawyers in Malta can offer information on the legislation governing the financial industry in this country.
In order to create a Maltese cryptocurrency business, a local or a foreign investor must draw up the paperwork related to the incorporation of the company and file them with the Trade Register. It should be noted that cryptocurrency companies are not deemed financial companies, therefore the requirements applicable to investment companies for example will not apply to cryptocurrency ones. However, it is recommended to ask for assistance from a Maltese law firm when registering this type of business here.
Malta is slowly but surely becoming a recognized financial center in Europe thanks to the facilities the authorities offer to foreign investors. This one of the main reasons why the use of cryptocurrency has gained popularity here. Moreover, according to recent reports, the government strongly believes in the potential of blockchain technology which allows the creation of digital currency which is why at the beginning of the year it launched the Blockchain Strategy.
The main purpose of the program is to attract blockchain companies in Malta to create electronic systems which can be used by the authorities in order to reduce bureaucracy.
Those interested in opening a cryptocurrency company in Malta will also be happy to know that soon the Malta Gaming Authority could allow online casinos to accept digital money as a method of payment.
Considering the fast development of the fintech sector in Malta, we invite you to contact us if you need assistance in starting a cryptocurrency business.
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