Blockchain Island 2.0 is ready to be installed
ZBX exchange sees new growth shaping the future in Malta
When Malta passed the Virtual Financial Assets (VFA) Act in 2018, the Blockchain Island was born – a regulated jurisdiction where blockchain, crypto and other emerging tech business sectors could find a conduit to fast-paced growth in a progressive environment.
What followed the legislation was a boom period for the blockchain industry in Malta, taking a leading role in the global agenda for how the DLT sector developed and brought new opportunities to the world in many different ways. It has been an exciting and productive time, but not without its teething troubles.
In 2020, Malta needs to focus on shaping the future again, by addressing issues that are holding back the industry. It’s long been clear that the country has needed to reboot Blockchain Island and upgrade to 2.0!
One issue in need of an update has been that the banks on the island have not supported companies in the crypto space, making business logistics more difficult. Fixing this bug will unlock the future of the Blockchain Island, but some companies have already looked elsewhere to get to market more quickly, leapfrogging important regulations in less bureaucratic jurisdictions. That’s not good for the industry, so Malta can be the hero in this story by stepping up its blockchain commitments and securing the future for growth on the island.
ZBX, a Malta-based crypto exchange, is already seeing the green shoots of new growth in the industry, while a sense of hope hangs in the air as VFA licences are granted and ‘business as usual’ begins afresh.
Albert Feng, head of listing at ZBX, told us that “the exchange has punched through the biggest pain points of the Blockchain Island and has started offering both retail and corporate banking through our banking partners”.
The company recently announced a new partnership with Lichtenstein-based ABEY Foundation, listing their digital asset, ABEY token, on the ZBX exchange. ABEY Foundation chose ZBX due to the company’s well-respected reputation and impressive market penetration, particularly in Asia. Alongside Malta’s regulatory environment offering one of the most risk-averse financial services authorities in the world, the ABEY Foundation sees the partnership with ZBX as key to becoming the “protocol of choice for e-commerce” and playing a leading role in the technological processing of crypto-payments.
Early this spring, the ABEY token will be available for trading at ZBX, exchangeable in both Crypto and Fiat, specifically BTC, ETH and the EURO.
In addition, ZBX has also launched its OTC (over the counter) trading desk and is opening its doors to private sale of tokens which can benefit from its Fiat/Crypto and banking infrastructure.
Feng added, “Fast, cheap and seamless banking and payments are the best way for crypto currencies to go mainstream. The Maltese regulation is what actually helped ZBX build trust with its partners and banks”.
As we begin an exciting new decade with blockchain and crypto taking centre stage, it looks like Malta’s Blockchain Island 2.0 will fix the bugs that have slowed it down previously, and companies like ZBX are poised to reap the benefits on a global scale.
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