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Malta’s aim to become a ‘Blockchain Island’

12.09.2017

The hype is on. The word ‘blockchain’ is well and truly buzzing around various players in the financial services industry and beyond. The technology, which, in simple terms, could be described as a decentralised, distributed, and incorruptible ledger which is comprised of unchangeable, digitally recorded data in packages called blocks. The blockchain does not only change the way processes such as payment systems work, but it also changes the way we think. By way of example, the technology has the potential to revolutionise the manner contractual obligations are undertaken, identity management, AML and KYC, stock trading, data storage and land title registration.

An educational conference held by Finance Malta on the 29th of August 2017 attracted an overwhelming attendance from finance and IT professionals, clearly highlighting the interest garnered by such professionals vis-a’-vis the concepts of ‘blockchain’ and ‘cryptocurrencies’.

The aforementioned wave of interest has led to a national call for the emergence of a national blockchain strategy by the Government. Nexia BT, along with other advisory firms, was duly invited to present its views on such national strategy.

Nexia BT’s legal, tax and advisory teams are tracking developments in the field and are available to provide their views to any interested persons.