On Monday, the 28th of August, 2017, Bitmalta had a fruitful meeting with the Parliamentary Secretariat for Financial Services, Digital Economy & Innovation (‘PSFS’) at the Auberge De Castille in Valletta. The PSFS, headed by the Hon. Silvio Schembri, is responsible for the creation and steering of a national blockchain policy aiming to place Malta at the pinnacle of the blockchain industry, making it once again a pioneer of another technological breakthrough and therefore echoing the success achieved upon regulation of the remote gaming industry back in 2004.
Bitmalta welcomes the approach taken by the PSFS which is seeking to cooperate with the relevant stakeholders in this novel industry in order to usher in a framework regulating blockchain startups and cryptocurrencies. Indeed, it would be advisable to strengthen the initial message issued by the Prime Minister embracing blockchain technologies and cryptocurrencies by providing interim measures welcoming such businesses while the comprehensive framework is being structured.
One can definitely say, with optimism, that the Government of Malta is set on transforming Malta into a blockchain island, and that Bitmalta offers its full support to this initiative. Bitmalta also hopes to see full cooperation between the regulatory authorities in line with the vision of the Government of Malta, as cooperation is fundamental at this moment in time. Overall, the PSFS is looking at injecting speed into the process mentioned above, while at the same time retaining the important balance between caution and haste so as to safeguard Malta’s reputation as the jurisdiction of choice for financial services and remote gaming businesses.