Until recently the tiny European island nation was virtually unknown when it came to digital currencies but its positive approach towards the blockchain technology and virtual currencies has changed that notion. A recent research conducted by Morgan Stanley shows that Malta leads other nations in cryptocurrency trading volume.
According to the research, the European nation leads the likes of Japan, China, Korea and the USA. The research also reveals Belize is second on the list. Lately, Malta has come out strongly in support of cryptocurrencies and the crypto community. It has openly welcomed exchanges and other companies dealing with virtual currencies to conduct their businesses within its borders.
This proactive approach can be cited as the main reason Malta leads other nations in cryptocurrency trading volume. The research clearly shows Malta is way ahead of the other nations – many of which have been considered powerhouses when it comes to cryptocurrencies trading. The fact that Belize has taken the second spot shows that the hierarchy is changing.
The research by Morgan Stanley was based on the cryptocurrency trading volume that was flowing through exchanges that are registered in respective countries. However, it’s to be noted that Belize hosts OKEx and Malta hosts Binance.
Sheena Shah, an analyst with Morgan Stanley says Malta leads other nations because recently Binance announced its move to the country. Also, Okex has mentioned its intention to move its operations to the Island nation. Both exchanges are escaping the stringent regulations from Asian nations.
While Binance is the leading cryptocurrency exchange in the world by trade volume, OKEx is the third and recently it also announced its intention to move to Malta. When this happens, expect to see Malta at the top for a long time.
Can Malta keep on leading the other nations when it comes to cryptocurrency trading volume? Let us know in the comment section below.