Companies involved in cryptocurrency should be incentivised to move to the island, according to a virtual currency advocacy group.
BitMalta, a group of professionals raising awareness on the technology, has submitted a list of proposals to Gaming Parliamentary Secretary Silvio Schembri to facilitate its success in Malta.
One such proposal is to introduce tax incentives or subsidies for professionals working in the sector.
Cryptocurrencies are digital currencies which rely on an encryption system known as Blockchain to oversee transactions independent of a central bank – the most popular of which is Bitcoin.
Malta prepares for blockchain
Earlier this year, Prime Minister Joseph Muscat announced that Malta would be leading the race to embrace the payment system and set the standards for other countries to follow. Many raised concerns, however, including the Malta Financial Service Authority, which warned the currency was not a regulated digital instrument.
“Unlike traditional money, acceptance of payment in virtual currency depends entirely on the voluntary consent of the recipient. Furthermore, providers of services in relation to virtual currencies are currently neither...