The applications of blockchain technology are boundless, and projects of all kinds within logistics, healthcare, energy and the financial sector are optimistic to improve human life across the globe by integrating immutable trust into the very code of the digital economy.
The first companies to benefit from the Maltese regulations that entered into force in November this year are cryptocurrency exchanges, now in full swing to go live under the provisions of a regulated market. Since cryptocurrency exchanges are currently operating in a legal vacuum, Malta has issued a 12 month transition period from when the law entered into force until the exchanges must be fully licensed in order to continue to operate.
The Chief Executive Officer of the Maltese financial regulator, Joseph Cuschieri, has told media that these exchanges need to abide by all the legal provisions regulating the sector also during the transition period, and must obtain a license during 2019 in order to continue operations past November 2019, irrespective of when operations were initiated.
“Once the law is in force, as a company you are obliged to abide by that law, even before you are granted a licence. If on the other hand you are not granted a licence, then you can no longer operate in Malta.” Joseph Cuschieri said in an interview with MaltaToday earlier this year.
The new laws are quite stringent and are expected to deter dodgy operators, which is promising for the sector as it fuels consolidation and provide security for traders using the platforms. This point cannot be stressed less in these times as the SEC has recently ordered some selected ICOs to register as securities.
Read more about Malta's Blockchain & DLT Sector
One of the first Maltese exchanges going live with their platform in January 2019 is ZBX, the European arm of ZB.com which has a daily trading volume of 300 million EUR and thus files as one of the top five cryptocurrency exchanges in the world. ZBX is headed by the former institutional trader Dave Pulis as the company CEO.
ZBX Beta is already open for registrations although it will not be open for trading until late January 2019. It accepts deposits and withdrawals in EUR and USD, and also holds tradeable fiat pairs as well as stablecoins in both currencies. Additional currencies are expected later in 2019. This is also when ZBX expects to be licensed for opening its doors for yet another attractive feature: STO listings.
Over the Christmas holidays, ZBX has launched its airdrop giving away tokens worth of 40,000 EUR to the first 8000 users that signs up. The first 8000 users will receive 50 XT (ZBX tokens) each for a total value of 5 EUR per user.
Dave Pulis, CEO of ZBX
“We are moving forward in a regulated environment and expect to have acquired our licenses during the transitory period of the Maltese regulatory framework. We believe regulation is important for the crypto sphere to evolve as it breeds a secure and reliable environment for the users and investors alike”, says CEO Dave Pulis.
ZBX tokens will function much like how Binance use their tokens. ZBX will also introduce the tier trading program and referral program so that users can grow their referral revenues with the exchange. This will entail a full blown ecosystem where users will be able to use the ZBX token as a means of payments through the ZBX prepaid debit card for free, when holding a certain amount of ZBX tokens.
Source: Press Release by ZBX