According to local news report in Malta, Binance, one of the world’s largest crypto exchange is reportedly partnering with the Malta Stock Exchange (MSX) in a bid to establish security token trading on the Blockchain Island.
Following the decision, Binance chief financial officer, Wei Zhou is expected to sign a memorandum of understanding with MSX chairman Joe Portelli in an apparent move to launch a security token trading platform.
During a press conference, Malta’s finance minister, Edward Scicluna, sang praises of the crypto industry, categorically stating that the nation will not miss an opportunity to take advantage of new innovations.
He further added that even though blockchain and cryptocurrencies come with their own risks, “this is not an excuse to let it go by and be taken up by others,”
Speaking at the press conference, Portelli stated that “whether you like it or not, the technology is here to stay.”
Scicluna also noted that his country has committed its best legal practitioners to create a solid regulatory framework for the crypto industry. To this end, the MSX is expected to create a new entity, the MSX PLC, a platform designed to explore financial technology and digital assets.
The Crypto exchange, Binance has for some time now been working with Malta’s authorities: in March, the exchange announced its plans to establish offices as well as fiat-to-cryptocurrency exchange in Malta, and in June, it also made known its decision to support fintech startups and entrepreneurs together with the Malta Stock Exchange.
In July, the MSX announced its decision to partner with Neufund, a platform for securities tokenization. The partnership would see Neufund set up a “regulated and decentralized, global stock exchange for listing and trading tokenized securities alongside crypto-assets.” At the same time, Binance also announced that it had acquired a 5 percent stake in the Founders Bank in Malta, aiming to build a “decentralized bank” with a system based on blockchain.