Blockchain technology is undoubtedly an incredible one and Malta’s enthusiasm for it is a well-publicised affair. It comes as little surprise, therefore, that Malta has become the country with largest trading volume in cryptocurrencies, something that is so deeply intertwined with the world of blockchain, being based in that technology itself. Having seen trading of cryptocurrencies worth $40 billion all through 2018, this little island country has easily topped the charts in this department.
We know rather well that there is no clear, globally coherent and uniform stance towards cryptocurrencies that we can possibly refer to understand how governments around the world view cryptocurrencies and blockchain. However, no matter how wide that spectrum is, in its entirety, Malta is situated firmly on the end that marks an extremely positive attitude towards these emerging technologies.
Although it is somewhat understandable why many governments would find the decentralization and occasional anonymity associated with cryptocurrencies threatening, the love for blockchain is more widespread, especially considering that it does support an increasing number of crucial use cases. Malta, however, is one country that has proved to be almost equally receptive to both of these technologies, accepting that a revolution in the fintech sector is on its way and the best way to handle it is to prepare for it well.
Yet, Malta usually gets most attention for being an archetypal “blockchain hub”. Touted as the “Blockchain Island” of the world, it gets far less attention for being as welcoming to cryptocurrencies it has been. But now, with the statistics indicating its suitability as a crypto island as well, we have little doubt that it will soon be hailed as such.
While the United States is known to be the largest economy in the entire world, its crypto trading volumes have proved to be puny compared to that of the tiny island that is only a fraction of the US in terms of size. The United States has managed crypto trading volumes of less than half of Malta’s volume.
China, despite its government’s hardline stance towards cryptocurrencies, has proved to be resilient to the crypto ban, registering a $32.5 billion trading volume and coming second to Malta. Malta has managed to supersede finance capitals like London and New York in topping this chart and we can only hope its support for crypto remains unwavering throughout.