Recently, a famous cryptocurrency exchange, Binance got into issues in Japan although it is based in Hong Kong. Malta is a Southern European island country which is essentially located between Italy and Tunisia. It moved its HQ to Malta to an apparently very welcoming Prime Minister who said the following on Twitter:
. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies
Although this is very encouraging it remains to be seen how much they can weather storm from external pressures. Malta is not a strong or powerful country so if a foreign country or powerful bankers threatened Malta to comply with their wishes against cryptocurrency could they really refuse?
The announcement from Malta is good but it will take a stable and powerful country to do the same for cryptocurrency people and business to migrate there. It may provide temporary protection or respite but what is truly needed is for a place like Hong Kong or Singapore to step up and do something similar.
At this point I think Venezuela may be the leader in this regard but the major risk with Venezuela is the political, economic and social stability. If they can resolve those issues Venezuela could be like the Hong Kong or Singapore of Latin America in no time.