Malta to approve Crypto laws and Volkswagen go car-sharing

Market summary

European markets closed mostly in the red on Wednesday as investors continued to worry about the looming tariffs amid heightened tensions in the trade partnerships between the United States and the European Union. Meanwhile, economic data was also in focus as market watchers digested positive PMI reports from the EU and the United Kingdom.

In Germany, the DAX finished 0.26% lower, led by the losses in the tech sector. French CAC 40 traded completely flat at the end of the session, down 0.03%. The main advancer was telecommunication firm Orange, up 2.22%. London's FTSE 100 declined 0.27% at the closing bell.

Malta to approve 3 cryptocurrency laws

Malta is set to approve three bills aimed at regulating cryptocurrency and blockchain sectors, the country's Prime Minister Joseph Muscat said during a press conference today. The legislative acts are expected to become law after a final reading in Maltese Parliament.

"This is the last stage of the legislation that will put Malta on the international map for blockchain and crypto regulation. There is political consensus on this roadmap and we are foreseeing that this area will be the mainstay of our economic growth for the next 4-5 years," Parliamentary Secretary for Digital innovation and Finance Silvio Schembri told CCN.

The news appreciated the world’s most traded cryptocurrency, Bitcoin by over 2%.

Electric car sharing for Volkswagen

Volkswagen AG announced it will launch a car-sharing platform exclusively for electric cars. The service called WE is expected to begin operating in Germany in 2019, while the company hopes it will come to other major cities in Europe, as well as to North America and Asia the following year.

"Our vehicle-on-demand fleets will consist entirely of electric cars, and will therefore provide zero-emission, sustainable mobility. That is an intelligent way to relieve the strain on urban areas," Volkswagen Brand Board Member for Sales Juergen Stackmann stated. He added WE car-sharing cover "all mobility needs from the short journey that takes just a few minutes to the long vacation trip."

Earlier this week, the German carmaker said it estimates that expenses on batteries for electric cars would be substantially reduced by 2020 and added its goal is to boost the share of sales of purely battery-powered cars to between 20% and 25% by 2025.

Disclaimer: This article was issued by Rodrick Duca, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.