If you've been paying attention to the blockchain industry, you'll know that Malta has gained a reputation for itself as the blockchain island of the world. The small but might is not just known for its beautiful landscape. As the home of iGaming, Malta has benefited about 12% of its GDP.
Malta – The Blockchain Island
Malta has taken in the cryptocurrency and blockchain industry, the country has become a hub for technological development and the name blockchain island. The government is open minded and ready to explore emerging technologies. The Prime Minister, Joseph Muscat, during an address to the United Nations. It is important to note that Malta also has some problems of its own that may not be visible in a glance.
In July 2018, Malta set a record as the first country to ever pass cryptocurrency bills into law. The country established a strong regulatory framework for blockchain, cryptocurrencies and DLT. It also started hosting a yearly blockchain summit in 2018. When Steve Tendon, a member of the blockchain task force in Malta and a chief blockchain strategist, was asked about the progress of blockchain technology in Malta, he said:
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"The summit will be the first event in which our intention is to recognize legal personality to innovative tech like DAOs. This innovation in lawmaking is going to support the technological innovation in a way that no other law has ever done ".
The three cryptocurrency bills that were passed into law. It has been created in National Blockchain Strategy that has six pillars that are channeled towards the understanding of the technology. Various initiatives are covered by the program. It covers things like digital identity, blockchain public registries, and smart governance. Tendon continued:
"This initiative will no doubt attract entrepreneurs and developers who are interested in using decentralized technologies like decentralized exchanges, decentralized ICOs, decentralized banking, etc".
While Malta has made a progress on the blockchain front, this is just the beginning. Protect the interests in ICOs. The country also intends to start benefiting from blockchain technology by opening its doors for business in the industry. And kind of regulatory certainty and positive stance towards blockchain is just what any country needs to stop being afraid of technology and start embracing its full potentials.
While Malta is happy to work with crypto companies In fact, the rules and regulations surrounding these blockchain-based companies are tough. Notwithstanding, they provide the kind of clarity that companies need to operate effectively.