Hey
I really like your idea, but I think you have to do lot of work, getting permissions from regulatory authority would not be easy. Everything is in your hands
They are good with current regulations in Germany. Also they have ties with Malta, it seems that makes things easier or flexible for them.
If you look at the relationship with the regulator and avoid problems, then Malta looks certainly much more interesting. All the same, to be there you are waiting for you and not where at any time you can ban the whole idea.