Digital Economy Parliamentary Secretary Silvio Schembri hosted a press conference “Malta: A Leader in DLT Regulation” on Friday announcing that Malta will be the first in the world to set up a framework for DLT (Distributed Ledger Technology) regulation and the Malta Digital Innovation Authority.
A new government authority, The Digital Innovation Authority, will be implemented that will work to set up the framework of DLT regulation. The new authority will be set up once the proposed laws are passed through Parliament.
Hon. Silvio Schembri furthered that DLT has the potential of becoming what the gaming industry is to Malta in five to 10 years’ time. What’s most exciting about the implementation of DLT regulation is the doors it opens to digital technology innovation in Malta that go far beyond Blockchain.
Live stream of the press conference (English language):
What is Distributed Ledger Technology?
To put it simply, Distributed Ledger Technology or DLT, is a decentralised digital database which has a number of different applications. With DLT there are more potential uses than just Blockchain, for example, cross border payment of purchasing houses to royalties being paid from the music industry via smart contracts.
Malta a hub for digital technology innovation
This is certainly a historic moment for Malta. DLT regulation will allow Malta to become a natural destination for businesses that operate in this space.
“We want an eco-system that encourages operators to move here. It’s not going to be about sun and favourable tax rates – we want it to pay to operate in Malta,” Schembri said.
Gadgets Malta is excited to see DLT regulation making Malta a hub for digital technology innovation. Keep your eye on our Facebook for more updates on this exciting news.
Interview with Hon. Silvio Schembri (Maltese language):
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