The world’s first cryptocurrency mobile phone network chooses Malta as its home

Malta keeps on being in the news for all things crypto and blockchain with another charming declaration in the previous couple of days. YOVO, which cases to be the world’s first cryptocurrency-based mobile phone network, has chosen to set up shop in Malta. This declaration takes after the news that digital currency trade giants, DQR, Binance, and OKEx additionally have chosen to open activities in the EU island state which is presently naming itself as the ‘Blockchain Island’.

YOVO, the London-based startup, will utilize 30 colleagues with an underlying venture of €20 million, and more to take after, has picked Malta as its worldwide base camp. Yovo is the principal portable system controlled by its own money and works intimately with versatile system accomplices in more than 130 nations. This figure is evaluated to increment to more than 200 in the following a year.

YOVO depicts itself as a worldwide mobile phone network based on blockchain innovation and enables clients to win and spend cryptocurrency utilising their portable administration. The organisation said that it right now has portable system accomplices in no under 130 nations with the YO token issued on Stellar Lumens.

Richard Skaife, CEO and Co-Founder of YOVO, said that his organization was eager to start working in Malta and was prepared to get straight down to business.

“We shall serve millions of digital money customers with mobile service from Malta, as our headquarters and be an active part of the broader blockchain community that’s growing daily on The Blockchain Island.”

Through this joint exertion, Malta makes another stride towards turning into the overall pioneer in making a blockchain-accommodating fertile system and building up a fruitful situation for blockchain organisations. This is without a moment to spare, as the three bills which will in the end control the cryptocurrency space – the Malta Digital Innovation Authority Bill, the Innovation Technological Arrangements Services Bill and the Virtual Financial Assets Bill – are presently at the second perusing stage in Parliament.

Silvio Schembri, Junior Minister for Financial Services, Digital Economy and Innovation expressed his satisfaction over YOVO’s decision:

“This news comes at perfect timing. Just today, the 3 bills Malta Digital Innovation Authority Bill, Innovation Technological Arrangements Bill and Virtual Financial Assets Bill are now at the 2nd reading stage in Parliament and we look forward to enact them into law. It is evident that operators within this field are looking for legal certainty and that is what we, as a Government, intend to do.” said Schembri.

Silvio Schembri referred to the statistics distributed today by 99Bitcoin which gives data on the innovative aspect of Bitcoin, has placed Malta in the lead position as the friendliest nation in the blockchain circle, above nations, for example, Switzerland and Germany. 99Bitcoin said that there’s splendid standpoint for cryptocurrencies in Malta while specifying the vision to make Malta a pioneer in this industry.

“I thank YOVO for putting their trust in our country, for creating new jobs in this field and for their commitment and input in making Malta The Blockchain Island” said Schembri.