Blockchain Island Malta Sails Towards Holistic Digital Place

After several months of the reported decline in the crypto firm’s presence, the Government of Malta has seen to veer away from its original premise: a blockchain island for everyone.

In an interview with Kearon Bruno, the chairman of Digital Economy Think Tank disclosed that the committee is circling around expanding and focusing on a holistic approach in digital development.

A sideways from the original plans, according to her, means more technological opportunities and development. The Think Tank is the body assigned to diversify and consolidating the nation’s economic portfolio.

With this new direction, the overarching vision will have a few participation of representatives including sectors like gaming, financial services, and information sectors, among others. In September 2018, Malta’s then-Prime Minister Joseph Muscat dubbed his country as a “blockchain island” at the United Nations General Assembly.

Since then, observations from experts revealed that the official rhetoric is becoming less blockchain-focused. In contrast, Muscat had disassociated itself to the crisis at the end of 2019 due to political reasons, prompting a cabinet reshuffle.

Beverly Tonna noted how the Malta Financial Services Authority can do a holistic approach. According to her, the aim is to make Malta more attractive for startups. However, Tonna clarified that Malta is “not totally moving away from what we had done before” and is “still participating within the Virtual Financial Assets space.”

As of the press, MFSA has yet to issue any licenses under the country’s regulatory framework for cryptocurrencies, such as the virtual Financial Assets act, which was shown in 2018. The decrease in regulation has pushed some crypto businesses, including Binance.

Earlier this year, it issued a statement saying that the platform is not a legal arm by the MFSA to operate in the cryptocurrency sphere.

In the meantime, Malta’s Junior Minister for Financial Services and Digital Economy, Bartolo Clayton, shared that this did not mean that the Government has become stringent towards crypto.

In the coming months, the Government of Malta is ensuring to hold a consolidating gathering and meet-ups of blockchain and other narrowed sectors.

In 2018, one could remember that a framework called the Digital Innovation Framework has been formed. This is targeting to establish an enhanced regulatory climate for blockchain innovation and digital assets. The framework is broken down three acts, namely the Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act. Before this news, many firms have seen a slowdown in government efforts to pursue full blockchain efforts. Cal Evans, the founder of Gersham International, said that the island has created valuable steps toward creating crypto-friendly laws, but has not made pivotal efforts towards its implementation.

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