According to Malta Today, the number of companies seeking to obtain regulatory approval from Malta has plummeted significantly. The newspaper attributed the rapid decline in requests to legalise the activities of such companies with unnecessary red tape, even suggesting that ulterior motives, such as greed, had been at play.
Malta has been enthusiastic about introducing various blockchain-powered solutions, and even developed an early framework for crypto casinos to apply for licensure. However, the Maltese Financial Service Authority issued an appeal to crypto and blockchain companies to hang tight back in October 2018, upsetting many businesses who had complied only to find out that the planned measures were not accommodating to their needs.
Complications in legislation has since prompted companies, such as Bittrex, to say their farewells to Malta and continue on their own path. According to observers, Malta may have now wasted a perfectly good opportunity to become Europe’s blockchain hub, with the Baltics perhaps now better positioned.
Crypto casino suppliers and operators had particularly high hopes for ‘Blockchain Island’ to act as a key supporter in their hunt for recognition on the global stage, but this is likely to affect their own businesses in a similar way.