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Malta is becoming a bank that will actively do business with the cryptocurrency industry.
Few countries were welcome to the cryptocurrency as the island of Malta, which at the beginning of this year once again hosted an important cryptic conference, attracting big names in the market all over the world.
But a problem that has been addressed by global cryptocurrency companies – and also in Malta – is a growing reluctance from the traditional fiat banking sector to do business with them and provide banking services.
In Malta, however, a solution is coming. Malta is going to get a new bank, which will offer those cryptocurrency services that others have not done.
It is supported by OK Blockchain Capital Limited, which is investing in RnF Finance Limited. It is the latter that has submitted a request to the Malta Financial Services Authority for the authorization of credit institutions.
The head of RnF Roderick Psaila told CCN that "we are targeting large companies and private customers and the mindset would be that no industry is banned in advance, but each application will be dealt with on a case by case basis".
The bank is set to heavily use blockchain technology and will deal with cryptocurrency exchanges and their like in the same way as other businesses. Thus providing them with adequate banking support.
The bank and its operations will be launched and operating in Malta by mid-2019, once the last legal obstacles have been eliminated. This should, at first sight, be a formality for the new initiative.
