The Blockchain is still experiencing a lot of birth pangs , the last nine years have seen a roller coaster of hopes and dreams. It has made a lot of people rich and also left some In penury
However that does not change its awesomeness. One of the quote that stands out the most for me is this quote by Frederic Bastiat
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Blockchains like Steemit has birthed a new form of Millionaires and has helped shaped a lot of lives which would have languished under the former economic model run by the banks and government
The reply the government is giving to this revolution is just finding ways to stifle it's growth. The USA took a bad lead with taxing Crypto holders 45% of their earnings, so for an exchange like Binance that made $200 million in the first quarter of 2018. They are meant to remit $90 million dollars if they were based in the United States
Thats outrageous and defeats one of the core value of Cryptocurrencies which is freedom to manage and control ones wealth without any third party having access to do as it pleases with the Money
In the light of this nations like Malta have risen to fill the gap created by the United States and other nations that are not Blockchain supportive. And the chart above already show that Malta have a huge Market share when it come to Cryptocurrency trading volume
Binance and OKeX which are two of the biggest Cryptocurrency exchanges have already made moves that are securing them as foothold in Malta which is just a tiny European Nation. The nation is putting things in Place to ensure friendlier regulations that will also give rooms for Exchange owners to operate in the Nation
They are charging a 5% tax which I believe is fair. Malta has a population of 429,344 with a GDP per capita of 31,850. Malta ranks 84th out of 190 countries when it comes to ease of doing business
The presence of Blockchain businesses will do good for the Maltese economy, Binance has already promised to employ 200 citizens with OKeX likely to do the same
The Prime Minister Joseph Muscat believes that Cryptocurrencies are the future of Money and that iot has a huge role to play in forming the base of a new economy in the future
The transparency and legal certainty offered by the regulations will also help increase consumer confidence when it comes to investing in the Blockchain Space
This move by Malta have also prompted more Blockchain Startups to have Interest in setting up shop in Malta. Justin Sun the founder of Tron announced last month that he was seriously considering investing and operating in the country
I believe that the Blockchain offers Nation with smaller economies an opportunity to grow and Improve their economies by opening the door for the Blockchain revolution.
This is a kind of Opportunity that comes rarely and riding the Blockchain wave will push many nations to economical prominence
Thanks For Reading
Not just Malta, Singapore and Hong Kong are also in the list of Crypto friendly countries. Malta has paved a way to its country development, doing business and paying 5% tax which is to their advantage and also advancement in the cryptoral(first used by me) knowledge.
Steem is mooning
Yes thats true. The 5% may seem small but a n exchange like Binance which has an Innovative CEO tax earnings are bound to be significant for Malta.
As for Steem, I believe that a pump has been long overdue @yungchief
Yea true. Malta as the new home for the Crypto World.
Long overdue
Interesting that Malta imposes only a 5% tax on crypto in comparison to an outrageous 45% for the United States.
Thats a very smart move by the Maltese government. I can't begin to phantom how the United States came up with 45% .
Thats equivalent to daylight robbery @chesatochi
Not really shocked the US is doing so poorly in this regards. They have always taxed many of the citizens almost to death while letting the big corporations get away with next to nothing. It is very painful tax wise to be a small self-employed person here. The system is also very slow to deal with things which allows companies to get around stuff while individuals are stuck with outdated nonsense that taxes way to high.
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All thanks to the Malta government. This is a good news to me this morning @ogochukwu.
When countries like USA refuse to grow with cryptocurrency others have accepted to.
Malta economy will also experience a boom that will shock other nations soon.
Ride on crypto to the moon.
@godswill