Malta, a small nation which is also known as the Blockchain island when it comes to this space because of the friendly acceptance and easy approach of blockchain and crypto has been dominating the trading volumes.
This was the first country to see the complete establishment of a Distributed ledger system framework is housing many big exchanges. Malta also witnessed the moving in of Binance when this leading cryptocurrency exchange faced problems on the regulations front in Asia.
The moving in of Binance seems to set the trend of moving into Malta. Following the footsteps of Binance, many big exchanges also moved into the nation. A few names among these are OKex, BitBay, Alpahex, and Nebula. This was mainly because of the cryptocurrency friendly regulations of the nation.
This moving in has not only helped the exchanges but also the country in the long run. The country that was already well known for its cryptocurrency friendly exchange “the Blockchain Island” it was called now leads in the total trading volumes too.
According to CryptoCompare’s March 2018 Exchange Review, the monthly trading volume of the Maltese-registered exchanges increased by 56% since February, making it the leading country in the crypto market by volume.
Following Malta, the other countries in the chart are Hong Kong and South Korea having trading volumes of 54 percent and 21 percent respectively. According to the reports, in the month of March, the Malta registered exchanges traded $56.1 billion, Hong Kong-traded $53.1 billion and South Korea traded $40.2 billion.
While Binance and OKEx helped Malta lead the crypto markets by trading volume, various cryptocurrency exchanges including LBank, BitZ, and HitBTC helped Hong Kong get to second place. South Korea’s place was achieved thanks to UPBit and the controversial Bithumb.
The other countries of the European countries comparatively stayed low key in the trading volumes. On the contrary, Malta became a leader because of its attitude towards blockchain and cryptocurrency. Joseph Muscat, Prime Minister, Malta believes that “Blockchain makes cryptocurrencies the inevitable future of money.”
Malta is also the first country to deploy all its educational certificates on the blockchain. It also holds a cryptocurrency related conference. Taking into consideration the big responsibility of keeping things safe, the country has also issued warnings against “get rich quick” bitcoin scams and other similar firms that try to swindle investors.