Without going much further, let’s just say that these are excellent news for the cryptocurrency market as a whole.
The impact of whatever happens to Binance upon the price of BTC is significant: paraphrasing a popular statement, when Binance sneezes, the market catches a cold. The impact of whatever happens to BTC upon whatever happens to the market as a whole needs no mention.
Becoming a Maltese company de-jure (although it actually os moving its headquarters and planning to employ over 200 staff) offers the exchange and its clients some of so-much-needed stability, especially in light of cautiously positive statements European Ministers of Finance are giving towards Blockchain as a whole.
Currently, the total cryptocurrencies market cap is just over $320 billion. Bitcoin dominates the market at 41% of all transactions.
24 hour volume of Bitcoin transactions is just over $4,5 billion.
Binance was responsible for USD $1,7 billion of 24 hour trade volume on Sunday.
“This is a clear vote of confidence in our country and the work being done in this sector, mainly by the latest policy launched to offer a regulatory framework of DLT operations. It is obvious that Malta has become a natural point of reference on the international sphere and companies such as Binance will continue to look into Malta to further expand their operations or establish a base. Binance’s presence in Malta sustains our vision, that of making Malta ‘The Blockchain Island”, – Silvio Schembri, Malta’s Parliamentary Secretary for Financial Services, Digital Economy & Innovation.
Meanwhile, as the market was jubilating for a short period of time, the EU has finally concluded its development of a framework on how corporations should handle their clients’ data. Although the privacy-focussed set of regulations is targeted against companies storing clients’ (notably, – EU citizens’, both within the EU and abroad) personal data, it inadvertently affects the cryptocurrency market… how? Well, i. e. all Bitcoin transactions are forever stored on a public ledger…
On a brighter note, the Buenos Aires G20 cryptocurrency market discussion ended with a statement that although some regulation is to be developed in the future (a blank statement), at present, the market will be more or less left in peace.