The Malta Stock Exchange has continued to spread into international markets through an agreement with the Binance cryptocurrency company. During the signing of the agreement, Finance Minister Edward Scicluna declared that this sector opens new horizons even for the Stock Exchange.
The world’s biggest cryptocurrency exchange company, Binance, has signed an agreement in principle with MSX PLC, a subsidiary company of the Malta Stock Exchange. This agreement will allow Binance and MSX to host traditional financial assets on the blockchain technology through security tokens, and also to start participating in the country’s share market.
Stock Exchange Chairman Joe Portelli described this agreement as an important one, enabling the Malta Stock Exchange to be ready for changes taking place in the financial sector.
Joe Portelli stated that “only a few weeks ago the New York Stock Exchange decided that they will also engage in Cryptocurrency space, so I am very happy and proud to say that the Malta Stock Exchange is actually a trail blazer and ahead of many other stock exchanges and realizing this is a technology with so much potential for our country”.
Binance Chief Financial Officer Wei Zhou said the company chose Malta as a result of strong dialogue with Government, and saw that Malta was at the forefront in introducing regulations for virtual currencies.
Wei Zhou added that “we love Malta because of its robust and transparent Crypto regulations here and also because of its dept of talent in the compliance sector and its history of innovation especially in the igaming space.”
Finance Minister Edward Scicluna said Government was grasping these opportunities as they create opportunities for employment.
“We have created a subsidiary for the Malta Stock Exchange so that the main job of the stock exchange will remain as it is, whilst the subsidiary will go in for these new ventures. It now remains for negotiations for the Stock Exchange to become known internationally and join an industry which is making a name for our country,” Minister Scicluna added.
Minister Scicluna noted that Binance made a profit of one billion euro last year, and this shows that Malta is attracting giant companies.