Malta, an EU member state forming part of Schengen and the Commonwealth, plans to regulate artificial intelligence, blockchain and the internet of things.
The EU Member State of Malta is poised to become the first country in the world to have comprehensive legislation in place in order to attract companies operating within the fields of artificial intelligence, blockchain and the internet of things.
While addressing a blockchain conference in Dubai, Silvio Schembri, Parliamentary Secretary for Financial Services, Digital Economy, and Innovation announced that in the coming weeks, Malta will be launching a framework to regulate these sectors with the aim of, amongst other objectives, meeting the requirements of Know Your Client (KYC) and prevention of anti-money laundering as well as sustaining technological innovation in a world evermore digitally enhanced.
This is not the first time that the Maltese government has committed for the country to become a tech hub. Last year, Prime Minister Joseph Muscat indicated that the country would further attract new tech companies by adopting tax incentives similar to those available to iGaming, with regards to which Malta is home to 9% of the world’s operators. Malta is already one of the fastest growing economies in the world, and the only country that simultaneously forms part of the European Union, Eurozone, Commonwealth and Schengen area.
Blockchain Advisory Ltd is an affiliate of Nexia BT and a leading distributed ledger technology (DLT) advisory firm which has actively worked on numerous blockchain-based and cryptocurrency-related projects such as token generation events, cryptocurrency funds, and cryptocurrency exchanges. Its partners, Jonathan Galea and Anton Dalli, boast of over nine years’ worth of collective experience in the blockchain space, and offer a holistic suite of advisory services ranging from legal advice to fundamental knowledge vis-à-vis project structures.