Crypto: UK v Malta
Article by Steller7 - Published: 26/01/2023
The United Kingdom and Malta are both considered to be major players in the world of cryptocurrency, but they approach the technology in very different ways.
When it comes to usage, the UK has a relatively high adoption rate of cryptocurrency compared to Malta. According to a survey by the Bank of England, around 8% of adults in the UK have used cryptocurrency, while in Malta, the number is closer to 2%. This is likely due to the fact that the UK has a larger population and a more developed economy, which means that there is more demand for digital currencies.
When it comes to regulation, Malta takes a much more hands-off approach compared to the UK. The Maltese government has actively sought to attract cryptocurrency businesses to the island, and has created a regulatory framework that is seen as crypto-friendly. This has led to a number of major crypto exchanges, such as Binance and OKEx, setting up operations in Malta.
In contrast, the UK has taken a more cautious approach to regulation. The Financial Conduct Authority (FCA) has issued warnings about the risks associated with investing in cryptocurrency, and has set strict rules for businesses operating in the space. This has led to a number of crypto businesses leaving the UK in search of more favourable regulatory environments.
Despite their different approaches, both the UK and Malta have recognised the potential of blockchain technology and are investing in its development. The UK government has launched a number of initiatives to support the growth of the technology, such as the UK Blockchain Association, while Malta has created a Blockchain Island Taskforce to promote the development of blockchain and crypto projects.
In conclusion, while the UK and Malta have different approach to cryptocurrency usage and regulation, both nations have recognised the potential of blockchain technology and are working to support its growth. As the technology continues to evolve, it will be interesting to see how these two countries' approach to cryptocurrency usage and regulation will develop.