OpinionsSpotlight

Malta — The Blockchain Island

Prime Minister of Malta sees cryptocurrency as the 'inevitable future of money'

The 73rd session of the UN General Assembly (UNGA 73), one of the six principal organs of UN, hosting the highest policy-makers from all over the world, has started.

In between the discussions of international issues that include peace and security, blockchain came up. Fortunately, for the people vying for a decentralized financial system, it is a good news.

Prime Minister of Malta, Dr Joseph Muscat, announced Malta to be the first jurisdiction to regularise the new technology.

Muscat is known for having a sweet-spot for cryptocurrencies. It recently passed three bills that will make it the prime investment location for cryptocurrencies.

Malta Digital Innovation Authority Bill is the first of the three that announced the seriousness of the government to excel in the blockchain space. It will watch over the governmental affairs regarding digital innovations.

Technology Arrangements and Services Bill, the second in line, provides for the regulation of designated innovative technology arrangements and services. This includes setting up of exchanges and collaborating with companies that operate in the crypto world.

Virtual Financial Assets Bill, the final bill, deals with regulating the field of Initial Virtual Financial Asset Offerings, Virtual Financial Assets, and related matters.

As obvious by the efforts, Malta is slowly gaining grounds on crypto implementation, leaving behind almost all countries in the race. Surprisingly, some countries are still stuck in a jam as to wait or run, but that’s a story for another day.

Muscat’s UN speech made it global.

“I passionately believe technology revolutionizes and improves systems.”

“…these Distributed Ledger Technologies can do much more. It can provide new solutions to health care systems where patients have real ownership of their medical records. Emissions trading systems can be taken to the next level.”

The positive ripple that this created in the world is perhaps that best news cryptocurrency could ask for. In a hall full of top-notch politicians and policy-makers, the announcement of blockchain’s potential of success is a feat not many have come across.

A lot of companies operating in crypto-sphere will pounce on this development, just like Binance did recently when it announced that it is going to team up with Malta Stock Exchange to launch security tokens trading platform.

Malta Stock Exchange’s chairman Joe Portelli, added the extra spice to the press conference with the statement that many in the cryptocurrency world are desperate to hear:

“Whether you like it or not, the technology is here to stay.”

Let’s hope that other countries pick up the ball too on this.

Sarim Mehmood

An electrical engineer to be. Sarim is a blockchain & crypto enthusiast and an early investor in ETH and Ethereum based projects. Contact the editor at editor.opinions@blockpublisher.com

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