In the coming weeks, Malta is launching the world's first legal framework for the creation of a regulatory body to regulate services in the sectors of Blockchain, Artificial Intelligence, and IOT devices. This was announced by Parliamentary Secretary, Silvio Schembri, when addressing the Unlock Blockchain Conference organised at the Dubai International Financial Centre.
During the conference, attended by various high-level international investors interested in the blockchain technology sector, Silvio Schembri said that the Maltese Government worked closely with the industry to come up with a legal framework that satisfies the AML and KYC regulations, without stifling technology innovation in such a highly dynamic 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 new services related to blockchain technology", said Silvio Schembri.
During his visit in Dubai, the Parliamentary Secretary met Dr Aisha Bint Butti Bin Bishr, Director General of Smart Dubai, to discuss new opportunities for cooperation between the Maltese Government and the Government of Dubai in relation to the blockchain technology sector. This should lead to a new agreement, whereby Malta will share its experience in the regulatory developments related to this technology, whilst both countries will work hand in hand on several implementation projects for the use of blockchain technology in several sectors.
Parliamentary Secretary, Silvio Schembri, held several meetings with companies in Dubai operating in Financial Services and Technology, to promote new investment opportunities that will arise for businesses in Malta with the creation of the new technology regulator. Through these meetings, he invited such companies to consider extending their international operations to the Maltese jurisdiction from where they can also access other European markets.
The Parliamentary Secretary was accompanied by Consul General for Malta in Dubai Anthony Tabone.
(SOURCE: PRESS RELEASE BY THE PARLIAMENTARY SECRETARIAT FOR FINANCIAL SERVICES, DIGITAL ECONOMY AND INNOVATION)