Malta’s prime minister is doubling down on the booming blockchain industry in a bid to diversify the European Union’s smallest economy — and to even fight corruption.
“We’re taking a calculated risk,” Prime Minister Joseph Muscat said in an interview Sept. 10, by cutting “layers of bureaucracy” and offering fast-track approvals for digital players to set up shop on the island.
With tax rates as low as 5 percent, the government recently passed laws that seek to ease the trading and issuance of cryptocurrencies. Malta’s stock exchange is also in talks with companies to list digital assets.
The aggressive steps...