Malta, a Leading Hub for Fintech in Europe

Alistair Cuschieri | Published on 29 Sep 2017

Blockchain

Malta is aiming to be a leading hub in Europe when it comies to Blockchain technologies. Blockchain, the electronic ledger originally designed to underpin the Bitcoin cryptocurrency, is now being eyed by governments and businesses alike as a tool to ensure a higher degree of transparency, security and cost efficiency when carrying out transactions and recording data. 

In this respect, the Maltese government has started revealing details of an ambitious plan to turn the island into one of the first countries in the world to embrace the blockchain technology. The plans are twofold – for blockchain to be rolled out across the board in the public sector and for Malta to become a hub for international companies that operate on the technology. 

Back in April, Prime Minister Joseph Muscat announced that the Cabinet has approved the first draft of a national strategy to promote and adopt the blockchain technology.  The Prime Minister has noted that: ‘‘Malta can be a global trailblazer’’ in this regard.

Apart from exploiting the opportunities that blockchain technology offers for added efficiency in public sector processes and services, the government is ambitiously looking into the setting up of a new regulatory function aimed at facilitating the acceptance of new technologies within the context of a sound legal and operational framework in order to attract investment in technologies relating to blockchain. 


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