Business In Malta
To maintain its place at the forefront of the cryptocurrency sector, the University of Malta is to provide a €300,000 scholarship fund for students of blockchain and distributed ledger technology.
We’ve all seen the movies and read the sci-fi books about machines and robots taking over the world. But how close are we to that becoming a reality? Smart contracts are becoming more and more commonplace in our society. Will they replace lawyers, accountants, and other officials completely or is this still just a fantasy?
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While many national systems are seeking to take action against crypto-currencies by banning them and imposing limiting regulations, Malta is taking a totally different path. Malta is, in fact, currently preparing crypto-currency regulations, being the first country to do so.read more
The rapid increase in digital technology has given many smaller countries the opportunity to attract companies and investors from a range of specialised online industries as they bid to improve their financial resources. The selling of domain names, online gambling and financial enterprises involving digital block-chain cryptocurrencies are just some of the entrepreneurial schemes and investments that small island territories in particular are keen to encourage.read more
Hong Kong-based cryptocurrency platform Binance has now migrated to Malta due to a recent ICO ban enacted by China. This move will essentially transform Malta into a “blockchain island”; a hub destined to transform the current cryptocurrency marketplace.read more
Modern day entrepreneurs have creative ways of raising money like crowdfunding, which is steadily gaining dominance. ICOs operate under similar principles in that investors are offered shares in a currency that is still in development. In exchange, they contribute the more popular digital currency such as Ethereum and Bitcoin. Fiat currency like the Euro and USD can also be used.read more
Malta’s recent conference to discuss Blockchain and Cryptocurrency Regulation. The conference was opened by Parliamentary Secretary, Silvio Schembri who expressed the opinion that the Maltese Government was planning to launch a new Digital Innovation Authority Bill (DIA) which will operate as the only regulator for ‘Innovative Digital Technology’. The Technology Arrangements and Services Bill (referred to henceforth as TAS) was also mentioned by Dr Schembri, as was the keenly anticipated Virtual Currency Act. The triumvirate of bills will form the foundation of the Maltese Blockchain and Cryptocurrency Regulation.read more
In 2009, a seismic shiver ran through the financial sector. The global financial crisis was more than just a practical disaster. On a psychological, philosophical, and ethical level, it exposed crippling uncertainties within the financial arena. Like a weed in the heart of the garden, the roots of this failure ran frighteningly deep.read more
Virtual currencies, also known by the name crypto currencies, are an entirely digital form of money. They are unregulated by any financial authority, instead being entirely under the control of their developers. National and international banks do not oversee the use of virtual currencies, as there is no physical aspect to them, and they are therefore, not considered to be legal tender.read more
Changpeng Zhao, the billionaire that is behind one of the largest cryptocurrency companies in the world, Binance is behind the planning of the new decentralised bank in Malta. The bank will be called Founders Bank, and there is a reason to it. One of the main features that makes the bank unique and special, is the fact that it will not belong to any single entity or individual.
The SMEi (Small Medium Sized Enterprises Initiative) in Malta, strives to help local SMEs start and grow their business. Previously, the SME Initiative Fund stood at €15 million, however, after being topped up with €7 million, the initiative fund now stands at €22million. After being leveraged, this ends up being approximately €90 million dedicated for investment of SMEs.
Malta became a full member of the European Union in 2004, and in 2008, joined the euro. Subsequently, Malta’s commercial activity has grown significantly, and it has expanded into new sectors, with significant growth in service industries. Allied to this economic expansion, Malta has moved forward with social development, leading to impressive scores on various European and international development indices.
Bitbay is a cryptocurrency exchange based in Poland which trades Bitcoin, Litecoin and Ether against currencies such as the euro and the dollar. Founded in March 2014, the company has found its growth hampered by the attitude of Polish banks which have proved unwilling to cooperate with the exchange.
Dr. Stornetta is one of the two founding fathers of the blockchain concept. With his working partner, Dr. Stuart Haber, he developed the idea in 1991, describing it in peer-reviewed journals, and taking out a number of patents. When Satoshi Nakomoto wrote his famous Bitcoin white paper, he referenced Drs Haber and Stornetta.
It is increasingly common to be able to sell Bitcoin from the same places that allow the cryptocurrency’s purchase. The main exception is currently Bitcoin ATMs, some of these allow you to sell Bitcoin but not all. If you wish to locate one, it is possible to do so using Coinatmradar.
You may have been toying with the idea of investing in cryptocurrencies but maybe have been a little in the dark as to what they’re ll about. You will undoubtedly have heard of Bitcoin and Ethereum. It’s important to recognise that advocates of such cryptocurrencies, or virtual currencies if you like, strongly believe that they have the potential to become so dominant in the future that they will even substitute the Dollar, the Euro, the Pound and so on, becoming the currency of choice globally.
The blockchain is one of the hardest things to explain about cryptocurrency and Ethereum’s smart contracts can be every bit as confusing.
You will need somewhere safe to store your Bitcoins before you go about buying any. This storage space is known as a ‘wallet’. It doesn’t actually hold the Bitcoins in it, but instead, it stores the private key that is required to access the bitcoin address – also known as your public key.