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Cryptocurrency’s Move to Malta

over 1 year ago by Luigi Muscat Filletti
Blockchain

In our previous blog post, ‘Cryptocurrency - What You Need To Know’, we covered the basic understanding of how cryptocurrency works along with the pros and cons when trading within the blockchain system. Once becoming better informed about the topic of cryptocurrency we can now look ahead to what this means on a larger scale - why major cryptocurrency exchanges are looking to base themselves on Maltese shores and how Maltese talent within the Finance and Technology sectors will be offered significant recruitment opportunities.

Following the fast-growing sector of iGaming in Malta, cryptocurrency is all set to be the next big thing on the island, assuring an increase in job opportunities within the Finance and Technology industries. What is more is that the two sectors of iGaming and Cryptocurrency may work hand-in-hand, with online gaming purchases set to be made in cryptocurrency. That being said, it is no surprise that the new cryptocurrency sector would increase iGaming jobs and IT jobs in Malta. Moreover, banking jobs in Malta will also be given an opportunity to grow especially within the Fintech sector, which is seeing a steady and continuous growth in its operations.

A cryptocurrency organisation will be in need of talented individuals across various fields, resulting in ample job vacancies in Malta and in turn enriching the Maltese economy.

Why Are Cryptocurrency Exchanges Choosing Malta?

As mentioned in the last post, cryptocurrencies operate in a decentralised manner and therefore have no control by a higher power. However, in order for a nation’s economy to fully utilise a cryptocurrency as a regular method of payment for everyday financial transactions, it must first adopt a system which is able to regulate it. Malta’s vision on this topic seeks to set rules and regulations which will provide a better understanding on cryptocurrency operations in order to be deemed a uniform payment option for individuals and businesses. Malta is one of the very first nations to take the first steps in this direction, a decision which promises to turn the island into an international hub for cryptocurrency activity.

Recently, major cryptocurrency exchanges Binance and OKEx have announced their decision to relocate their operations to Malta, creating a great opportunity for Malta to introduce the world’s first cryptocurrency sector. Malta has so far been proactive in its attempts in issuing a legal framework for a Distributed Ledger Technology (DLT), also referred to as a public ledger or Blockchain, through which transactions are recorded and viewed.

Over the past few months, the Maltese Government has been working on the development of a framework to regulate DLT and has constructed three bills on the topic, one of which is directly linked to cryptocurrencies. If the Maltese parliament decides to pass this law, Malta will be the first nation to regulate the cryptocurrency market. This will undoubtedly offer significant job and business opportunities by attracting cryptocurrency entrepreneurs to base their operations in Malta. The introduction of a new regulatory body - Malta Digital Innovation Authority (MDIA) - will supervise the cryptocurrency market in Malta by setting laws, providing and regulating licenses for operation and conducting research and auditing. The attraction for cryptocurrency exchanges to move to Malta is also due to the relatively low corporate tax rate, as well as Malta’s membership within the European Union and the Eurozone, which opens up trading opportunities.

What does this mean for Industry Growth in Malta?

Cryptocurrency and Blockchain activity will certainly create growth within the Maltese Banking and Fintech industries as well as that of iGaming. When it comes to the iGaming industry, the use of cryptocurrencies would allow speed and transparency to the transactions of online gamblers, and furthermore act as security to money laundering activity as well as create a new way to ensure that gambling operators play by the rules.

With major cryptocurrency exchanges moving to Malta, they will surely scale the rate of employment within their organisations, and what more is that their presence will create an international cryptocurrency sector which will in turn attract more companies to set base in Malta and contribute to the sector.

Whenever there is industry growth, there is increased recruitment, and this means that Maltese specialists in Finance and Technology will be given the chance to secure various roles within this emerging industry.

What types of Cryptocurrency Jobs are available?

Cryptocurrency is a Fintech-based topic, meaning that the types of roles available are diverse and plentiful. From a technology perspective, Developers, Data Analysts, Data Mining Technicians, Computer Scientists, Security Architects, Software Engineers, UI and UX Designers are all major roles which contribute to the upcoming scene in Fintech operations within the cryptocurrency sector. With regards to a finance perspective, Financial Managers and Analysts, Corporate Finance, Financial Advisors. Accountants, Statisticians, Legal & Compliance Officers are all fields which the cryptocurrency sector would demand.

These roles all require talented individuals to fulfill them, and what is more is that cryptocurrency organisations, like any other organisation, would necessitate other positions in order to operate successfully. Such positions consist of Marketing and Branding, Public Relations, Customer Relationship Management, Web and Graphic Designers, Content Producers, Technical Support, Human Resources and Customer Service, to mention a few. This all comes to show the great employment opportunities which a single sector can create.

Given the right conditions, the Maltese economy will surely benefit through the surge of employment that the cryptocurrency sector will present. Individuals within various fields relevant to the operations that such a sector demands will be given the chance to step into new careers and grow within well-established companies who are making their mark in this emerging sector.