Binance, which currently stands as the largest Crypto exchange in the world in terms of daily trading volumes, has announced that it will be partnering with Malta Stock Exchange is launching a new digital exchange that will be entirely trading in security tokens.
Launching A New Digital Exchange
The signing of the agreement was done on Tuesday through an MOU (memorandum of understanding). The MOU was signed by Joseph Portelli, chairman of the Malta Stock Exchange, and Wei Zhou, the chief financial officer at Binance. The occasion was attended by Malta’s Minister of Finance Prof Edward Scicluna who has not been involved in the Blockchain and Crypto space in the country. This role has been fulfilled by the Silvio Schembri, the junior finance minister.
The MSE will be bringing in its experience in running a stock exchange that is regulated, an experience that spans over two decades, while the platform will be built on the business model and global presence of Binance.
This is not the first digital exchange partnership with the Malta Stock Exchange that has been announced. Neufund, an investment platform, and Bitbay, the Polish Crypto exchange, have also had an agreement similar to this one with the Malta Stock Exchange.
Taking Advantage Of Every Opportunity
While talking to the press after the agreement was signed, Scicluna hailed the technology used in creating the platform as being revolutionary. He also stated that Malta was going to explore every opportunity which comes by in the Crypto space adding that it would be crazy for it not to plant itself in the sector.
While Scicluna acknowledged that Blockchain technology and Cryptocurrencies, much like any new technology, are not completely devoid of risks, he said that this was no excuse to bypass it and let it be exploited by others.
The minister added that MSX PLC, which is a subsidiary of the Malta Stock Exchange, was created to take advantage of such opportunities saying that the service will be a fit for Malta’s small open economy.
Success In Crypto Industry To Be Replicated In Gaming
Scicluna stressed that transparency and more stringent measures were needed to reel in money laundering in the sector adding that what differentiated Malta and every other jurisdiction was the fact that the country had seen the need for establishing new regulations for this new technology.
While describing the new legislation that has been drafted with regards to the Blockchain technology and cryptocurrencies, Scicluna announced that the nation had been commended by among the best brains in the sector about how it was handling the new sector. Scicluna added that the nation was hoping to be as successful with the gaming industry as it has been thus far with this sector coming in the wake of the creation of the Malta Gaming Authority.
Portelli said that they are looking forward to this new market expanding the boundaries of the nation’s financial sector while Zhou extended his gratitude or the opportunity to be a part of the project to the Maltese government and the MSE.