{"id":23965,"date":"2017-04-25T19:48:37","date_gmt":"2017-04-25T19:48:37","guid":{"rendered":"http:\/\/ci027cfe6c700c2697"},"modified":"2025-01-28T18:51:29","modified_gmt":"2025-01-28T18:51:29","slug":"malta-rolls-out-ambitious-strategy-blockchain-technology","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/malta-rolls-out-ambitious-strategy-blockchain-technology","title":{"rendered":"Malta Rolls Out Ambitious Strategy for Blockchain Technology"},"content":{"rendered":"
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The Prime Minister of Malta, Joseph Muscat, reportedly announced that his cabinet has approved the first draft of a new national strategy to promote blockchain technology<\/a> in a push for the small Mediterranean country to become a leading hub for financial technology in Europe.<\/p>\n

At a conference organized by Malta\u2019s financial affairs parliamentary committee, Prime Minister Muscat spoke about his ambition for Malta\u2019s future as a hub for blockchain technology and fintech. <\/p>\n

\u201cThis is not just about bitcoin, and I also look forward to seeing blockchain technology implemented in the Lands Registry and the national health registries. Malta can be a global trailblazer in this regard,\u201d Muscat stated. <\/p>\n

\u201cI understand that regulators are wary of this technology but the fact is that it\u2019s coming,\u201d he added. \u201cWe must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy.\u201d <\/p>\n

Labour MP Silvio Schembri, who chairs the financial affairs committee, shares Prime Minister Muscat\u2019s vision for Malta to become \u201cthe Silicon Valley of Europe.\u201d<\/p>\n

\u201cWith our geographical position and weather conditions, strong financial system, skills base, entrepreneurial spirit and can-do approach, Malta can truly serve as a test-bed for new sectors and foreign firms to test their new technology and products locally,\u201d Schembri said.<\/p>\n

\u201cWe should aim to have the world\u2019s best environment for the development and commercialisation of fintech models and disruptive innovation,\u201d he added. \u201cThe government should ensure that Malta has the appropriate regulatory framework, the right tax system and the best infrastructure to support this ambition.\u201d<\/p>\n

Schembri also made the point that if Malta was to entice 1 percent of the U.K.\u2019s fintech industry to relocate to Malta after the Brexit, this would bring over $218.5 million (\u20ac200 million) into Malta\u2019s economy. <\/p>\n

Despite being the smallest economy in the Eurozone, Malta possesses a strong financial sector and a business-friendly tax regime. It also provides companies with a central location in Europe and full access to the European Single Market. If Malta actively encourages innovative startups to relocate to the island with tax incentives, a friendly regulator and a supportive government, it would not be surprising to see fintech startups move part or all of their operations to this Mediterranean island. In particular, blockchain and digital currency-focused startups could find a new home in Malta as the country\u2019s government seeks to become an industry leader in this space.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Prime Minister of Malta, Joseph Muscat, reportedly announced that his cabinet has approved the first draft of a new national strategy to promote blockchain technology in a push for the small Mediterranean country to become a leading hub for financial technology in Europe. At a conference organized by Malta\u2019s financial affairs parliamentary committee, Prime […]<\/p>\n","protected":false},"author":2864,"featured_media":22089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[556,304,2776,1342,3317,1127],"class_list":{"0":"post-23965","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-culture","8":"tag-blockchain","9":"tag-europe","10":"tag-fintech","11":"tag-investment","12":"tag-malta","13":"tag-regulations"},"author_data":{"id":2864,"name":"Alex Lielacher","nicename":"alex-lielacher","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/alex5-1-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/malta-rolls-out-ambitious-strategy-for-blockchain-technology.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/23965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2864"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=23965"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/23965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/22089"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=23965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=23965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=23965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}