Malta first country to offer transparency, clarity and stability to blockchain sector - PM

A large number of companies are moving to Malta because it is the first jurisdiction to enact legislation offering the blockchain industry transparency, clarity and stability, Prime Minister Joseph Muscat has said.

He was attending the Blockchain Leadership Summit on blockchain adoption at government level in Basel, Switzerland, yesterday.

Muscat said that the legislation adopted by Malta was technology neutral and not specifically tied to blockchain. He went on to say that this technology-neutral legislation gave Malta the advantage of being prepared for both current and future technologies.

The prime minister said that the Maltese government was already applying blockchain technology to areas such as qualifications and accreditation, meaning that such information could flow more easily across borders. He added that there were other sectors that could benefit from blockchain technology, including the health, transport and land sectors.

The prime minister said that Malta aimed to become the “most innovative country in the world” by building an eco-system that was ideal for companies looking to invest in new technologies. Malta also offered certainty and transparency by means of its legislation, he said, which was the result of serious consultation with disruptors, innovators, consumers and the industry.