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Malta – Block Chain Island
Malta has become one of the world’s leading destinations for companies and individuals in the rapidly expanding Blockchain industry. In this article, we explain the significance of this pioneering move that has led to it being called the world’s first “Block Chain Island”.
Firstly, what exactly is blockchain?
Simply put, the blockchain is an “ingenious way of passing information from A to B in a fully automated and safe manner” that was originally created for the popular cryptocurrency Bitcoin by Satoshi Nakamoto in 2008.
Blockgeeks some this up brilliantly with the following summary:
“The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.”
However, since then it is now being used in many other ways and industries as a sophisticated method to “record transactions between two parties efficiently and in a verifiable and permanent way” whilst pioneering a new way to collectively use the internet.
#BlockChainIsland – explained
In July 2018 the Maltese Parliament passed three new laws aimed at “driving innovation” which set up the “regulatory framework” for distributed ledger technology (DLT), cryptocurrencies and blockchain. As a result of this forward-thinking strategy, Malta has now became known as the worlds first “blockchain island” and thousands of companies and individuals from the rapidly expanding Bitcoin and crypto community have started to make their way to the island as an ideal location to base themselves. Malta has also started one of the worlds leading conferences called The Malta Blockchain Summit with over 5000 attendees and an impressive list of speakers and industry experts from all over the globe.
What does this mean for Malta?
In a recent article by Forbes, the summit’s organiser and CEO Eman Pulis captured the importance of this new movement by stating that “Malta has put in the hard work to earn its title as the Blockchain Island. Government backing has created a haven for Crypto companies to flourish here in Malta. The legislative action which passed through parliament this summer has instigated a sense of security and stability, qualities which have lured some of the biggest companies in the industry to Malta. Top cryptocurrency exchanges like Binance and OKEx have already relocated, with others sure to follow – bringing an abundance of investment and employment opportunities with them and potentially transforming the island’s infrastructure. The relocation of foreign companies is also a boom to other industries in Malta, such as the hospitality sector, particularly when it comes to avenues focusing on entertainment, leisure and real estate”.
Update: All Property Rental Contracts To Be Registered On The Blockchain
On Sunday 23rd June 2019, Malta’s Prime Minister, Joseph Muscat, announced that after lengthy consultations, new rental laws have now been approved by the cabinet, which means that every property rental contract in Malta will soon be registered on the blockchain. Joseph Muscat stated that “We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives,” he said. “This shows how the digital transformation will affect their lives.” Read more about this story here.
If you are thinking of relocating to Malta to join the blockchain revolution then please get in touch with us to discuss your property requirements. We have over 38 years of experience in our field and we specialise in residential sales and lettings as well as all aspects of commercial real estate including premium office spaces.
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