Malta is starting to make waves in the cryptocurrency world. Only a few days after crypto exchange giant Binance confirmed it is moving its headquarters here, three more crypto companies have publicly expressed interest in doing likewise.

Tron CEO Justin Sun, who plans to use his blockchain platform to develop a globally free content entertainment system, said he strongly supports Prime Minister Joseph Muscat’s pioneering plan to attract blockchain-based companied to the island.

“Tron strongly support the great foresight of Joseph Muscat and hopes to build up a Blockchain Island with the Maltese government,” Sun said on Twitter. “We are seriously considering investing and operating in Malta in the following weeks following the announcement by our strategic partner Binance.”

The initial coin offering of Tron’s coin TRX in September was one of the largest ever registered on Binance, and it is currently the 13th most valuable cryptocurrency in the world according to CoinMarketCap.

Interest has also been expressed by Kris Marszalek, CEO of Monaco – which has launched a visa card and mobile app to allow people to trade fiat and cryptocurrencies at interbank exchange rates.

“We support the bold vision of Joseph Muscat and Malta’s vision of the Blockchain Island,” Marszalek tweeted. “We are looking into an investment in Malta following last week’s announcement by our strategic partner Binance.”

Lao Mao, the CEO of crypto exchange BigONE, said he supports Muscat’s plans and hopes to join Malta’s “blockchain paradise plan”.

Binance’s founder Zhao Changpeng excitedly re-tweeted all three announcements on his page, saying the “party” has started.

Last Sunday, Muscat predicted cryptocurrencies are the inevitable future of money.

“Millions of people already attribute value to virtual currencies, which has created an entirely new market,” he said. “The concept sounds confusing right now, but I have no doubt that it will form the base of a new economy in the future. Just as we attribute value to pieces of paper, so too will future generations attribute value to electronic storage systems.”

Last month, Malta laid out its plans to become the first country in the world to fully regulate companies which operate on blockchain – the technology that underpins cryptocurrencies. One of the three bills in the pipeline is a Virtual Currency Bill that will provide a legal framework for initial coin offerings and regulate crypto wallet providers, cryptocurrency exchanges and asset managers.

What do you make of Malta’s plans to embrace cryptocurrencies? Let us know in the comments section

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]