Malta is to introduce a dedicated legal framework and regulator for the blockchain, artificial intelligence, and internet of things industries.
Maltese lawmaker Silvio Schembri told the Unlock Blockchain conference at the Dubai International Financial Centre that Malta's Government had worked closely with industry to come up with a legal framework that satisfies anti-money laundering and countering the financing of terrorism regulations without stifling technological innovation.
"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 Schembri.
During his visit to Dubai, Schembri also explored new opportunities for cooperation between Malta and Dubai in relation to blockchain technology. Schembri said this should lead to a new agreement, whereby Malta will share its experience in regulatory developments related to blockchain, with both countries working together on several projects for the use of blockchain technology in several sectors.
By Courtesy of Lowtax.net