Parliamentary Secretary Silvio Schembri has announced that Malta will be launching the world’s first legal framework that will create regulation for Blockchain, Artificial Intelligence, and Internet of Things (IOT).
The announcement was made whilst addressing the “Unlock Blockchain” conference which was held at the Dubai International Financial Centre, which Parliamentary Secretary Schembri was attending to help raise Malta’s profile as a viable jurisdiction for technological industries, as well as serving as a gateway to the European Market. The conference was attended by many high-level investors from around the world, as well as major stakeholders in the world of blockchain.
Mr Schembri also added that the Maltese Government was working in conjunction with key players in the industry to create a robust legal framework which supported AML and KYC requirements, without hampering the evolution of such a dynamic and progressive sector.
“This new regulator will help those who wish to invest in this sector, to operate within a legal structure, and gain the trust of millions of potential customers all over the world who want to make use of the new services related to Blockhain technology”, Mr Schembri said.
Whilst in Dubai, Mr Schembri attended several meetings with Dubai based FinServ and tech businesses, including a Dr Aisha Bint Butti Bin Bishr, Director General of Smart Dubia, to discuss potential investment opportunities that would arise because of the creation of the new legal framework.
This is not the first time that Malta has made a name for itself in a burgeoning sector. Its regulatory stance and approach to the iGaming industry, has meant that in a few years, the country has become one of the most popular locations for iGaming companies, as well as the Malta Gaming Authority being one of the most respected in the world.
Scheduled to be rolled out in the next couple of weeks, these regulatory measures for the blockchain sector signal not only an acknowledgement of the importance that these areas will have within society, but the countries dedication to placing Malta at the forefront of technological industries and innovation.
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