August is usually a sluggish month in the business and finance sector, but this is not slowing down Malta. Following several announcements connecting to cryptocurrency exchanges and crypto banks, there are rumors that ZB.com, the world’s fifth largest cryptocurrency exchange by daily trading volume is set to reveal its intention to move to the sunny Blockchain Island.
ZB.com will establish its operations in Europe with the launch of a new exchange in Malta. The firm will set up an office in St Julian’s a busy business center in the heart of Malta. The latest announcement comes after those made by Binance, OKEx, and DQR who already have offices in the island.
Parliamentary Secretary for Digital Economy and Innovation Silvio Schembri also commented about the announcement on Twitter saying this is another connection for Malta to strengthen its leading position in the cryptocurrency space.
At the initial stage, the firm will begin as a crypto-to-crypto exchange and will then focus on providing fiat-to-crypto trading pairs through its recent platform based out of the European island nation. This is the third exchange that is making this move following Binance and Bitbay
“Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto, and fintech, and we are very excited to be part of the Blockchain Island. We are confident we will be able to announce our live operations soon,” co-founder Jimmy Zhao said.
Other countries seem to be cautious in the crypto space with many delaying on their regulation and adoption of crypto and blockchain firms. But this is different in Malta, where the Virtual Financial Assets Act and two other crypt bills have gone through the parliament.
Zhao noted that he had recently been invited to Malta by his local partners and discussed with the Maltese government regarding their crypto exchange operations. “You quickly realize Malta’s commitment to building and supporting the crypto ecosystem,” he added.