The meteoric rise and popularity of digital currencies and the widespread implementation of blockchain technology over the past ten years have interestingly evolved the way people think about their finances and the way companies conduct business. With the advantage of being faster, more streamlined, relatively cheaper, and secure, the blockchain ecosystem has paved a faster way for individuals and businesses to experience seamless online transactions. However, it has become equally important to understand how do I sell Bitcoin in Malta, given that the island country has become a major hub for cryptocurrency.
As a majestic and beautiful island nation in the middle of the Mediterranean, Malta won't necessarily come to mind as a haven for cryptocurrency or the fact that it has become one of the most prominent worldwide leaders in blockchain innovation, regulation, and technology. However, over the past couple of years, the country has made impressive strides in the crypto industry, becoming a popular staple for global investors, traders, and businesses from across the world.
But how did an island with a population of over 534,000 come to embrace the crypto culture so wholeheartedly while also becoming a reputed leader in blockchain tech? How does this impact the local business in the region? How can you transfer your crypto into fiat currency and wire the money to a Malta bank account? These are all good questions the answers to which lie in the rest of the article.
Convert Your Bitcoin into Fiat Currency Using PlasBit's Wire Transfer Feature
Some of the best things about a crypto wire transfer and conversion that I personally find convenient is that they are fast, reliable, and secure. In addition, they're designed to handle bigger transactions. The central benefits lie in the straightforward crypto-to-fiat transfer directly into a bank account in Malta.
However, with that being said, I would also reiterate the fact that wire transfers do come with their own set of considerations. For example, you'll be charged a standard fee based on the amount of BTC you are transferring, may have to contend with longer processing times based on the nature of the transaction, and may have to adhere to certain regulatory requirements.
But you'll have to take into account different types of considerations based on your method of crypto-to-fiat transfer. In my opinion, PlasBit's wire transfer feature is comparatively faster and more secure compared to other methods having personally used the service on more than one occasion. In addition, you have the benefit of converting your BTC into USD or EUR and have it seamlessly transferred into your Malta bank account given the favorable crypto landscape and lax regulations in the country.
So without further ado, let's have a look at how you can use PlasBit to convert your BTC to fiat and have the money transferred into a bank account.
Easy Steps To Transfer Your Bitcoin into a Malta Bank Account
To convert your Bitcoin holding into a fiat currency of your choosing, mentioned below are some simple steps you have to follow:
Step 1: Sign Into The Platform
After you log into your dashboard, look at the left panel under "Categories" and click on the "Wires" feature.
Step 2: Provide The Necessary Banking Information
It is important to be accurate when filling in all the necessary details. You will need to provide your bank account number, IBAN, name of the bank, the bank's location, and similar information. It is crucial to go through the information provided to ensure there are no discrepancies as an error may possibly lead to a denial of service or you may accidentally transfer the funds somewhere else.
Step 3: Select The BTC Wallet
Next, make sure you have enough BTC to make your designed fiat currency conversion and the subsequent transfer to your Malta bank account.
After you finalize your banking information, the next phase in the process will be to select your BTC wallet by clicking "Choose Wallet". After you have chosen BTC, the next step is to click on "Choose Currency" (USD or EUR) and pick USD.
Step 4: Submit The Transaction
After you have made the necessary selections and have provided the information required, input the amount of fiat currency you wish to convert into BTC. When imputing fiat currency for the wire transfer, you can put in either the amount you want to transfer, and the fees will be added to it, or the amount you want to deduct from your balance, including fees, and the amount transferred to your account will be the amount you put in minus the fees
Then click on "Submit" to initiate the transfer. This process can take up to 15 minutes to authenticate your information.
Step 5: Verify Your Identity
Before your transactions are fully initiated, you will need to verify your identity via a 2-factor verification method. The platform will either send you a code on your mobile phone or an email containing the code.
Step 6: Confirmation and Transaction Approval
After your identity has been verified, you will get an email confirming that you have submitted the request for a bank wire on PlasBit. Once the platform approves the wire transfer, you will get an email that says the wire is approved. Then, you can go to the transaction section and see the document from the bank.
You can also download the official bank document in line with your crypto-to-fiat wire transfer in the “Transaction History” section.
The Blockchain and Digital Currency Legislation and Regulatory Infrastructure in Malta
This history of the serene and pristine tourist destination's propulsion to blockchain and cryptocurrency excellence can be tracked to 2018. This was when the federal government of Malta implemented three significant crypto legislation specifically centered around the creation of a legal and regulatory framework of digital currencies and blockchain throughout the country.
These legislations paved the way for small and big businesses to fully embrace digital currencies, making blockchain a central part of their business transactions. The regulatory body surrounding the framework heavily favored the growth and rise of cryptocurrency exchanges, initial coin offerings (ICOs), and a variety of other digital currency-based businesses, positioning Malta as one of the most crypto-centric and friendly destinations throughout the globe.
This was also the time when the government founded its first crypto-based regulatory body known as the MDIA (Malt Digital Innovation Authority), attracting reputed and prominent blockchain and crypto companies such as OKEx and Binance to start their operation in the country. The MDIA was a very important federal initiation that functions as a precise point of guidance and government support to companies and startups in the blockchain sector.
3 Powerful Reasons Why Malta is Known as the "Blockchain Island"
When thinking about how do I sell Bitcoin in Malta, it is also equally vital to know the reasons why the island nation is world-renowned for being a blockchain hub. Let's look at three amazing reasons why Malta was able to fast-track its strategies to become one of the most prominent leaders in the blockchain and digital currency stratosphere.
Minimal Taxation on Crypto Transactions
While Malta is a very crypt-friendly nation, users do have to pay taxes on different types of blockchain or crypto transactions. However, what's truly interesting about it is that compared to other countries, the tax brackets are quite low in Malta. As a matter of fact, the government offers substantial incentives for businesses and individuals to use crypto and blockchain technology to propel their businesses.
A Bird's Eye View on Regulation
Malta is also among a handful of countries that have laid out and implemented a broad-spectrum and multifaceted blockchain and crypto regulatory framework, offering solid legal certainty throughout the industry.
Federal Support and Encouragement
But perhaps one of the best things about blockchain and crypto in Malta is just how encouraging the government is for its citizens and businesses to use digital currencies for various businesses and individual initiatives. Today, the country isn't just a hot spot for fun vacations but is also a top destination for crypto enthusiasts and investors.
The Economic Opportunities Fostered By Malta's Growth-Centric Focus on Blockchain
The strategy to invite blockchain and digital currency companies to settle in Malta through blockchain incentivization was a brilliant decision by the federal government. The government encourages and fully embraces the usefulness and popularity of cryptocurrencies in the modern world and has since continually diversified the island nation's economy.
You have to understand that the core revenue points or the country's total GDP primarily depends on a handful of industries namely the tourism, shipping, and manufacturing sectors. However, with the implementation of a streamlined and favorable blockchain infrastructure, Malta was successfully able to develop and foster a powerful and thriving crypto-centric business to further propel its economy into the future.
In addition, the growth of the blockchain and digital asset sector in the country has, since 2018, been phenomenal, providing numerous employment opportunities and diversification in its economy. The citizens of Malta have no doubt leveraged these advantages thanks to the growing number of digital currency organizations. The country has a total of 13 world-renowned blockchain and crypto start-ups and businesses making blockchain one of the most prominent industries in the country.
Residents now seek specializations and education in the technology sector, finding viable and lucrative employment opportunities with the country's crypto businesses and multinational companies, dynamically contributing to its economy and minimizing dependence on traditional industries such as manufacturing or tourism.
In addition, the financial sector is also keen on offering blockchain services, the Bank of Valetta, for example, now also offers a wide category of seamless digital currency services such as crypto trading and investment and blockchain products. With a slew of services on offer, the bank offers a tailored approach to accommodating different types of clients who are looking to navigate the lucrative realm of cryptocurrency in Malta.
Individuals or businesses seeking to start their business in the crypt industry, such as private investors, are exempt from paying capital gains tax on their blockchain or crypto businesses. Moreover, businesses are also offered streamlined incentives such as tax reliefs to start their operations as quickly and seamlessly as possible.
Some Exceptional Factors That Have Shaped Malta into a Cryptocurrency Haven
Is it the beautiful flora and fauna or the rich Templary Knights-infused history of the tiny island nation with the dreamy landscape and crystal clear waters that attract more than 300,000 tourists from all over the world? You wouldn't be wrong in assuming all these factors have contributed to the global popularity of the country, making it among some of the top holiday destinations. However, what you won't assume is that a lot of people also visit Malta to explore its excellent financial landscape.
What's perplexing, considering these elements is the fact that Malta continues to outpace its tourism industry thanks to its fintech sector and has become a powerful nexus for groundbreaking crypto and blockchain technology. Since the past decade, digital currencies and the innovations propelling them have significantly changed how people view the modern financial landscape.
It is amazing how wherever you look, people are constantly abuzz, talking about cryptocurrencies, blockchain mining, crypto trading and investing, etc. Today, it is no longer debatable how blockchain is going to change or influence our way of life – it already has! It has revolutionized the global financial, healthcare, education, and electoral infrastructure in a variety of developed nations.
However, this then begs the question, how and why is Malta at the forefront of the blockchain trend? Let's explore why:
The Perfect Location
When it comes to learning more about how do I sell Bitcoin in Malta, you have to first appreciate the country's geographical relevance. If I am asked whether to start a blockchain start-up in a mundane or busy urban city center or choose to initiate a venture near a sun-kissed beach in Malta, I (and other like-minded people) would certainly choose the idyllic island nation.
You see, Malta offers a phenomenal tech-infused infrastructure, not to mention, that it's ideally located in the middle of the Mediterranean, making it a quick flight from many European airports. In addition, Malta also has a pretty big expatriate community and a lot of people in Malta can speak fluent English. The country also offers world-class educational and healthcare facilities and is blessed with a diverse and rich heritage and culture.
Excellent Regulatory Framework and Government Incentivization
Malta is hailed for its robust digital and advanced technology industry. The island country was an early adopter and implementor of the iGaming sector and, today is known as the frontrunner jurisdiction for world-class gaming events tournaments and events, especially in the online gaming sector. However, the country is taking the same approach to developing the same tech-infused infrastructure for blockchain and cryptocurrency businesses.
The federal government of Malta has implemented highly favorable legislations that have worked wonders for creating a solid legal architecture, guaranteeing ongoing developments in the digital asset sector, and simultaneously providing total security for blockchain start-ups and businesses. This prompted Binance, a major player in the crypto realm, to relocate its headquarters to the island country in 2018.
Malta was exceptional in hitting a balance between global crypto regulations and compliance, becoming a premier destination for blockchain business. Having implemented and promoted a favorable regulatory system for the blockchain sector, the government has provided a clear and forward-thinking standard for initial coin offerings with the promise to monitor and supervise businesses, establishing a powerful system of well-articulated and communicated standards.
A Constantly Evolving Tech Infrastructure of Innovation and Technology Trends
Being a small island nation, it is safe to say that Malta has surpassed expectations when it comes to promoting a culture of technology and innovation in the blockchain industry. A prime testimony to this fact is none other than its continuous strive to become a premier online gaming destination. As a result, Malta's technological landscape continues towards boundless success, adopting and leveraging global technology trends.
Moreover, Malta has also become a frontrunner when you talk about getting citizenship by investing in its technology industry. The program is regarded as the very first of its kind to be recognized by the European Union. In addition, businesses from a variety of industries have leveraged the country's digital economy, including corporate blockchain and IT service companies, followed by marketing businesses and law firms.
Crypto Community in Malta
In Malta, there are a variety of popular Bitcoin and blockchain groups on social media networks such as Facebook and Telegram. Groups like Crypto Hub Malta and Blockchain Malta are pretty popular knowledge hubs for crypto enthusiasts and investors in Malta. The groups provide daily information and news on BTC developments, strategies, trading avenues, and much more.
Crypto Hub Malta
"Crypto Hub Malta" is a popular BTC and crypto group on Facebook. With a total subscriber list of 1.6 followers, Crypto Hub Malta emphasizes important digital currency discussions, projects, and trends. The group functions as a knowledge base for crypto investors, traders, and miners, and provides research-based analysis of different blockchain strategies and opportunities, and ways individuals can earn rewards.
Blockchain Malta
"Blockchain Malta" is a public Facebook group with 1.5K followers. The main areas of discussion in the group are focused on emerging Bitcoin and cryptocurrency trends. The members regularly post contemporary crypto trading strategies, interesting projects, and earning opportunities.
Telegram
Bitcoin Malta
"Bitcoin Malta" is a much-followed and recognized Bitcoin group on Telegram and has more than 3,800 participants. The group comprises a variety of crypto investors and enthusiasts from all walks of life, discussing market insights, forecasts, and speculations about Bitcoin. Bitcoin Malta is a solid community that offers research and market-based discussions focused on modern technology and security awareness.
Malta's Evergreen Future in the Blockchain Stratosphere
Glimpsing at the future, there is no question that Malta will continue to propel its blockchain and technology sector, making it a center point for consistent economic growth and prosperity. The industry continues to employ local blockchain specialists across 10+ crypto companies in the country.
By continuing to invest in the technology and digital asset sectors, along with staunchly regulating the blockchain industry, tackling challenges, and incentivizing businesses, it is safe to say that Malta will soon become a primo destination for cryptocurrency investors both local and international.
Other Ways You Can Sell Your Bitcoin For Fiat In Malta
When it comes to understanding how do I sell Bitcoin in Malta, you'll be pleased to know that there are alternative ways to convert your BTC to fiat. Let's explore some of those methods.
Bitcoin ATMs
A very efficient albeit a bit costly way to withdraw cash by converting BTC to fiat currency is through Bitcoin ATMs. These are conceptually the same as regular bank ATMs with the exception that they're only for digital currencies.
I was pretty excited to know that Malta recently introduced its first Bitcoin ATM which is operated by Moon Zebra (a Maltese crypto start-up). Another interesting thing about the ATM is that it allows users to both sell and purchase Bitcoins and Litecoins. However, the company is going to add more digital currencies to the list. In all, if you're in a hurry and want quick access to cash, a Bitcoin ATM is a surefire way to go.
Get a Crypto Debit Card
Another pretty seamless way to use your BTC or any other crypto to pay for your day-to-day expenses is through a cryptocurrency debit card. A handful of companies offer users the benefit of owning one and you can use it as any other regular debit card with one exception; you'll be able to use your digital currency as regular cash. And because Malta is known for its crypto landscape, you can use your crypto debit card to go on a shopping spree, pay for your hotel, dine at restaurants, and much more.
Prepaid Crypto Cards
Certain companies will allow users to pre-load BTC or other digital currencies on a card that can then be used for daily transactions. Known as cryptocurrency prepaid cards, they are a simple and efficient way to access cash, especially if you are in a crypto-friendly country like Malta.
However, unlike a crypto debit card, in a prepaid card, you will only be able to use the amount of cash deposited in the card. In addition, you can also use crypto prepaid cards to withdraw money from Bitcoin ATMs.
In all, these are just some quick and efficient ways to convert your BTC to fiat currency and spend the cash at your leisure. But it is equally important to consider that no matter what method you choose, it is vital to take into account factors such as regulatory requirements, taxes, transaction fees, and security.
Conclusion
In all, when it comes to how do I sell Bitcoin in Malta, it doesn't get any better than PlasBit's streamlined bank wire feature. It is a reputed and reliable crypto banking platform centered around providing seamless convenience for all types of digital currency users. In addition, if you’re in Malta, you can also choose a number of different ways to convert crypto into fiat such as using Bitcoin debit cards, prepaid crypto cards, and Bitcoin ATMs.
There is no question Malta has become a premier crypto destination, making it easier for Bitcoin enthusiasts and investors to streamline their blockchain businesses thanks to the country’s easy legislative policies and low tax brackets. In addition, Malta has an abundance of online Bitcoin communities that you can join and stay up to date on the latest happenings.
