ZB.com has become the latest leading cryptocurrency market with plans for Malta-based operations after announcing that would open an office and a trading platform on the island. ZB.com will launch a cryptocurrency exchange in Malta this September that will target the European Union (EU) market with crypto-to-crypto trading only at first, the company said in a statement on August 13.
At the moment it is unclear if and how the new exchange will affect EU customers who use the company’s main trading platform. The existing ZB exchange, which supports around 80 cryptos including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), is one of the top markets with around $320 million trading volume for the last day as the time of publishing.
“Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto, and Fintech, and we are very excited to be part of the Blockchain Island,” Jimmy Zhao, co-founder of ZB.com, said.
ZB.com wants its Maltese exchange to expand services with crypto-fiat pairs in the future, the company explained. However, if the company decides to add crypto pairs with Euro or other traditional currency, these Maltese operations would become subject to European Union regulations.
Under the Fifth Revision of the EU Anti-Money Laundering Directive (5AMLD), which came into force earlier this year, crypto wallet and exchanges should follow several AML such as due diligence when offering crypto-to-fiat operations.
“Looking forward for your investment of over 20M in the first 3 years and employing over 150 people,” Silvio Schembri, Malta`s parliamentary secretary for financial services, digital economy, and innovation, tweeted on Monday.
Malta has attracted several cryptocurrency companies like Binance and OKEx as part of Prime Minister Joseph Muscat’s plan for the development of a ‘blockchain island.’ Earlier this month, the country’s parliament announced the final approval of three blockchain and cryptocurrency-related bills. However, one of the new laws — the Virtual Financial Assets Framework, which will complement The Virtual Financial Assets Act — is still under development, Malta Financial Services Authority (MFSA) explained.