Malta plans to use a Blockchain-based approach to register rental agreements, according to Prime Minister Joseph Muscat. As the government is trying to bring new rent reform, an announcement has been made that the reforms are going to be completed soon, where all rental agreements will be properly registered on an effective Blockchain network. Malta has for long been considered as a blockchain hub in Europe and the world at large.
With the alarmingly increasing rate of illicit activities associated with cryptocurrencies including Bitcoin, the Maltese government, through a Financial Crime team created by the MFSA, a monetary regulator, has decided to up its game by reinforcing inspection and compliance in order to combat the challenge of financial crime. With this result, the MFSA’s existing resources have been increased by a newly established team offered by FTI Consulting, a multinational business consultancy company based in the United States (US).
The Malta Financial Services Authority (MFSA), together with the Financial Intelligence Analysis Unit (FIAU), recently published a Guidance document for financial institutions creating accounts for financial technologies (fintechs). The aim is to encourage innovations including cryptocurrency and blockchain within the fintech sector, and protecting the integrity of the financial market.
Innovative technology giant countries such as Malta, Italy, Switzerland, Denmark, and Estonia, are in the top 5 European nations which are friendly to blockchain, Bitcoin and other cryptocurrencies, and have acknowledged the importance of creating a cryptocurrency focused economy. Nevertheless, forming, registering and operating a cryptocurrency firm, how much good the ground is levelled, the crypto businesses in the continent still experience serious problems.
The two legal experts (L. Egitto and G. Busuttil) were recently interviewed to give light on where Italy stands on the regulation of blockchain, cryptocurrency, smart contract and other innovative technologies. Several institutions, firms, organizations, businesses and governments have been moving forward for few years especially in Europe, such as Switzerland with its Crypto Valley project (of the canton of Zug) and Republic of Malta started before any other country.
Representing itself as a true blockchain hub, Malta has been a home country to many crypto enthusiasts. One of them has put up for sale his ancient mansion that cost nearly $3 million. The palazzo is located in the country’s capital, Valletta, and can only be bought for virtual coins.
The African continent has been considered to be not embracing the wide use of cryptos as much as other places such as America, Asia, Europe are, but surprisingly enough, it's now running at tremendous speed to become a home for many crypto exchanges, wallets, and tokens just like Malta.
The Maltese government is creating its own Crypto and Blockchain tech regulation in advance of the Malta Blockchain Summit, driving towards its primary goal of becoming the world hub for Blockchain-based innovations.
The global's first university powered by Blockchain technology could set up shop in Malta, and academics from some of the global's top universities have already signed up, as per reports from Medium on August 24.