Playing a central role
Malta has been established as a pioneering jurisdiction for the emerging blockchain community, says Katy Micallef.
Prime Minister Joseph Muscat has been at the front and centre in Malta’s progression as a primary blockchain jurisdiction. He made a strong statement of intent to the rest of Europe before the legislative process was started at the national level.
“I understand that regulators are wary of this technology but the fact is that it’s coming,” Dr Muscat said at the time. “We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy.”
The Malta Blockchain Summit was announced before the legislative process was completed, with the Prime Minister on board as a keynote speaker very early on.
The DLT Regulation Bills passed will provide increased security to investors and platform developers, and curtail uncertainty in the current cryptocurrencies market. The Bills will primarily function to advance innovative technology arrangements and their use cases, regulating DLT and related smart contracts, whilst promoting official government policies.
All eyes will be on Dr Muscat as he delivers his keynote speech at the Malta Blockchain Summit
They are also set up to facilitate the registration of service providers and systems auditors – a regime which will initially function on a voluntary basis and establish a regulatory system for the Malta Financial Services Authority to manage the virtual financial assets market.
With the promised legislation now delivered, Malta has been established as a pioneering jurisdiction for the emerging blockchain community, giving it a position of stability and structure which will allow the country to play a central role – an outcome that has been largely championed by Dr Muscat himself. Malta’s emergence as a primary jurisdiction means that all eyes will be on Dr Muscat as he delivers his keynote speech at the Malta Blockchain Summit.
The government’s commitment to ensuring the right conditions are present for the island to flourish has helped position the country as an attractive hub for leading stakeholders looking to host high-level international events, a boon which will pave the way to further investment and secure economic sustainability for the years to come.
Dr Muscat is humble about his role in the budding, unprecedented success of the project.
“Malta’s economic success is a result of a collective effort,” he said. “It is the political will of decision makers but even more so the hard work of our enterprises, our workers and our resilient institutes.”
The initiative is already bearing fruit. High-rolling players in the industry have already expressed interest in putting down roots. Binance, a leading crypto exchange has in fact already done this, announcing the launch of an operational base in Malta in late March. The legal certainty is appealing – the expectation of peace of mind and structured frameworks has played a strong role in luring potential business to Malta.
Dr Muscat’s presence lends the inaugural edition of the Malta Blockchain Summit the kind of authority that matches its ambition. He’s now issuing a wide-ranging invitation to all emerging tech mavens to converge onto our island for the Malta Blockchain Summit, and continues to be very vocal in his efforts to make the Maltese blockchain scene a regional and global leader.