Crypto-friendly banks expected to open in Malta in the next 12 months

Roderick Psaila, a Malta-based banking expert spoke about the future of crypto-banking at the Delta summit in Malta held between the 3rd and 5th of October. The three-day event was the world’s first official and government approved blockchain event of its type, and it attracted over 1500 delegates from all over the world.

Speaking as a part of a discussion panel, he was responding to criticism of traditional banks hesitancy to embrace blockchain, DLT, and cryptocurrencies despite the fact that the Maltese government has approved the DLT legislation in November.

“We are already seeing new, smaller banks show a willingness to adopt blockchain technology, but legacy banks will take longer to come round, because of their systems in place and because they tend to expect higher standards,” he said.

He also stated that he believes that two to three crypto friendly banks will open in Malta within the next year that will be amenable to blockchain and crypto, as well as being conducive to the industry’s growth.

This could be due to the fact that it is unlikely for the banking industry to fully adopt and embrace blockchain technology until matters around its compliance with anti-money laundering framework were finalised. Until this framework has been deemed acceptable to banks, it doesn’t matter how acceptable it is to operators, ultimately the banks have the final say.

Also on the panel was Michael Matthias who is the CEO of digital currency Dascoin and he stated the need for banks to catch up with modern technology instead of shying away from it.

“And yet, as blockchain technology becomes more mainstream, it is not farfetched to imagine a near future in which cryptocurrency is used as the coin of choice in everyday payments and transactions,” he said.

The Delta Summit, the first of its kind has been called a resounding success by all that attended. Dr Christian Ellul, Director of E&S Group also spoke on a panel discussing Malta’s bright future as the “blockchain island”. Other speakers at the event included the Prime Minister of Malta Joseph Muscat, Changpeng Zhao the CEO and Founder of Binance, and other global stakeholders in the blockchain, crypto, DLT, and ICO sectors. If you have any questions in relation to ICOs, and Malta’s legislation regarding ICOs and blockchain please contact us on [email protected]