Malta – How the Country Is Becoming the Main Crypto Island
Malta is considered to be one of the top 3 DLT-friendly countries in the world. Maltese authorities aim to transform the island into the global blockchain hub – they keep the doors open for the technology and let it embrace the country.
Malta believes that it can become the main leader in the fintech world and actively takes actions to achieve its goal.
Maltese Government Welcomes Blockchain
For the dynamic development, DLT needs to be surrounded by encouraging laws and positive regulatory framework – and this is what the government of Malta is trying to achieve.
To attract more DLT-based startups to the country and set welcoming regulations, Malta’s authorities have passed three bills.
Malta Digital Innovation Authority Act, 2018
The MDIA bill is passed to create the Malta Digital Innovation Authority – an authority in charge of promoting and developing the DLT industry in the country. It sets to deal with certifying innovative technologies and register new services providers.
Innovative Technology Arrangements and Services Act, 2018
The ITAS bill defines the terms “innovative technology” and “innovative service.” It works hand in hand with MDIA – the authority makes a final decision if this or that technology can be considered innovative.
Virtual Financial Assets Act, 2018
The bill is passed to regulate the assets offerings – ICOs. The main rule for companies conducting token sales – to have a license. The bill includes the requirements for obtaining the license and launching initial coin offerings.
According to the member of the Parliament of Malta, Silvio Schrembi, new laws made the country to be the first one in creation of the legal certainty in the blockchain sector.
Maltese government supports the organization of blockchain events to increase the understanding of the technology among the population. Events gather leading crypto experts from all over the world who discuss the most topical issues regarding DLT. One of such upcoming conferences – Blockchain & Bitcoin Conference Malta, where specialists will discuss recent Maltese crypto regulations and innovative DLT applications.
How Blockchain Is Used on Malta
Malta is becoming the global blockchain hub by looking at the technology at the different angle – apart from the financial sphere, the country finds other industries where it applies the technology.
In May 2018, the Maltese government has joined forces with the middleware DLT ecosystem Omnitude in order to develop a blockchain-based platform for the country’s transportation network. The aim of the cooperation – to make the transport more reliable and convenient.
In March 2018, the Malta Gaming Authority has issued a document on how to apply blockchain to the gaming industry and how to use cryptocurrencies in casinos.
In 2017, Malta’s authorities have announced the pilot version of the DLT-based academic certificate recording system. It allows learners to safely store their educational certificates and diplomas in the distributed ledger and share them with organizations from all over the world.
This year, in September, the University of Malta together with the Malta Information Technology Agency have launched a €300,000 blockchain scholarship fund for students of ICT, law, finance and engineering. This way, the government aims at providing financial aid to students willing to study the technology.
Recently, the crypto exchange – Bittrex – has bought a 10 percent stake in Maltese DLT-based company Palladium. The aim of the ICO securities exchange Palladium – to host first world’s ICCO – initial convertible coin offering.
Businesses Move to Malta
Malta’s actions to develop DLT have already given results – high level of country’s technologies attracts companies from all over the world.
In March 2018, the major cryptocurrency exchange Binance has announced that it will open an office in Malta. The number one exchange by 24 hour volume on CoinMarketCap, regards the country as the developed one and plans to work with banks of Malta.
The other one of the largest exchanges in the world – OKEx – plans to move its headquarter to Malta as well. OKEx’s executives have already met with the Maltese government to discuss further cooperation.
Malta is the pioneer in accepting and developing the blockchain technology – it is confirmed by all the facts stated above. The country has already made numerous steps to become the blockchain leader and keeps surprising the world with its innovative DLT applications and developments.