How does blockchain affect Malta?

May 24, 2019, | AtoZ Markets – Under the title of “The Impact of the Industry on the Blockchain Island”, minister Silvio Schembrei, gave a speech to get the attendees of the MALTA AI & BLOCKCHAIN SUMMIT 2019 acquainted with how blockchain influences Malta.

Citing the saying “time flies”, Schembrei started his speech putting the audience in the image of choosing how to navigate that time, noting that the Maltese authorities made the optimum use of time in the island with regard to the topic of the summit, in a relatively short period of time since the summit started its first edition up until today.

Schembrei explained that Mata has become today one of the first jurisdictions in the world to establish a regulatory framework for the blockchain sector, referring to that there is a significant demand for the license the country issues.

“It is now widely acknowledged that the Maltese license is one which began certain amount of prestige to those operators businesses and investors who made the grade and acquire such a license. Applications are now being processed through the system auditors. That will act as the bridge between the operators and the MDIA, and then informed that just today, more system orders have been approved by the Malta Digital Innovation Authority.

These are responsible for undertaking audits on innovative technology arrangements in order to ensure that the standards by the MDI and MDFSA are adhered to according to their arrangements. It is also their responsibility to maintain and oversee technology arrangements in their response to critical matters and notify the authority on the material changes.”

There must be coordination between both sides as the minister mentioned; the regulator and the agent in this respect to guarantee the overall process is in line.

The VA agents, on their turn, are responsible for the preliminary due diligence on the issue of the company dealing with virtual currencies, along with preparing the necessary application form.

With that being said, both the system orders and the VF agent should act as the gatekeepers of the industry, to ensure that the whole process is carried out in a transparent and timely manner. Fostering the “much coveted certainty and peace of mind” which is sometimes lacking within the sector, as per the minister’s description

“There is another crucial and all important element which has prepared our country to the forefront, and this is unquestionable; Our diverse pool of talents. I have just had the privilege of attending the ceremony at the University of Malta, wherein 19 students which hail from diverse backgrounds visited law business and finance where awarded new scholarship grants to pursue a masters degree in DLT. This initiative and others of the same aid fully complement our vision of upskilling today’s existing workforce, as well as encouraging newcomers to this exciting new emergent sector.”, Schembrei added.

Malta is determined to sit on the crown of blockchain 

Malta will strive to continue sustaining its “talent pool” and will work closely together and surely share your valuable expertise and knowledge in an industry that is growing fast, and is already affecting the lifestyle in the island.

“There is a fast, evolving digital revolution happening as we speak, and therefore it is inevitable that the exciting sector, our country has embarked upon, will not stop at blocking.”, said the government senior, stressing that the country will keep exploring and conquering other sectors such as artificial intelligence.

The more “diverse task force has just recently launched”, with focus on formulating a holistic a strategy for replacing walls amongst the first 10 nations that top 10 nations in the world, which can boast a strategy for the sector.

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