Malta set to regulate blockchain services sector with world’s first legal framework

Malta is all set to launch the world’s inceptive legal framework for designing a regulatory body in order to manage services in Blockchain sector, Artificial Intelligence, and Internet of Things (IOT) devices, within the next few weeks.

This was affirmed while addressing the Unlock Blockchain conference organised at the Dubai International Financial Centre, by the Parliamentary Secretary Silvio Schembri. He who was engaged in promoting Malta as a jurisdiction emphasised that it could serve as a gateway to other European markets.

Mr. Schembri said in the conference, attended by several distinguished international investors interested in the Blockchain technology, that the Government was working meticulously with the industry to put forward a legal framework that AML and KYC regulations will be contented with, and would not chock the technology innovation in such a highly dynamic sector.

Mr. Schembri added: “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 new services related to Blockchain technology.”

Mr. Schembri held several meetings with companies in Dubai operating in the financial services and technology sector, including with Dr. Aisha Bint Butti Bin Bishr, the Director General of Smart Dubai, to promote the new investment opportunities that would arise as a result of the creation of the new technology regulator.