Blockchain Island or Crypto Atlantis? Crypto Adoption Struggling in Malta

Back in 2018, Malta became the first country on Earth to introduce comprehensive cryptocurrency laws. Since then, Malta has been trying to become a “blockchain island,” and not without success — the country has become home to world-leading crypto exchanges Binance and OKEx; A Chinese exchange ZBX has also relocated to Malta.The Maltese government pronounced itself keen on blockchain and cryptocurrency, it even has plans to build a blockchain-based transportation system. However, the concept of the “blockchain island” is currently at risk: many crypto companies based in Malta are not seeking the governmental license, and those that are, still can’t get it. The first company was licensed in Malta only in November 2020.In this article, we will explore why Malta is dubbed the “blockchain island,” and what are the constraints for implementing this concept in real life.Malta is a tiny island in the middle of the Mediterranean sea, a land with limited resources but one that has learned to take profits from its unique location and the talents of its people. With its sublime monuments that remind of mysterious Atlantis to many, Malta was successively confounding the plans of unfriendly Mediterranean empires throughout its 7,000-year history.Adaptation to new conditions has been one of the key success factors, and it has gained ground in the Maltese mindset. These days, in 2018, the ability to adapt helped Malta recognize the potentials of blockchain and introduce the new policy friendly for anyone involved in this new technology.Soon after Malta joined the EU, the public interest in fintech rose significantly. This followed with the concrete results: 10% of the Maltese economy today lives off of finance and digital technologies.While the interest in innovative finance was rising, blockchain technology has drawn much attention in Malta from its very early days. Maltese blockchain and crypto enthusiasts…