First legal framework for blockchain in Malta

In the coming weeks Malta is launching the world’s first legal framework for the creation of a body to regulate Blockchain, Artificial Intelligence, and IOT devices.

Parliamentary Secretary Silvio Schembri announced at the Unlock Blockchain conference in Dubai that the government had worked closely with the industry to come up with a legal framework that satisfies the AML and KYC regulations, without stifling technology innovation.

BitMalta is the responsible alliance for this radical legal framework that is planned to be introduced in Malta.

“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,” he said.

Malta is also planning to cooperate with Dubai, working hand in hand on several projects for the use of blockchain technology in several sectors.