Malta Aims To Be a Financial Technology Pioneer in Europe
In a move to become a leading Fintech center in Europe, Malta’s Prime Minister Joseph Muscat recently revealed that the Cabinet has approved the first draft of a national strategy to promote blockchain technology.
Speaking at a conference hosted by the parliamentary committee on financial affairs, Muscat said the strategy will soon be put to public consultation. He added that Malta will become one of the first countries to adopt the technology.
These were the words of the Prime Minister of Malta Joseph Muscat:
“This is not just about Bitcoin, and I also look forward to seeing blockchain technology implemented in the Lands Registry and the national health registries, Malta can be a global trail-blazer in this regard. I understand that regulators are wary of this technology but the fact is that it’s coming, We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy.”
In other similar opinions, the chairman of the financial affairs committee, Labor MEP Silvio Schembri said he wants Malta to become the “Silicon Valley of Europe.”
“We should aim to have the world’s best environment for the development and commercialisation of Fintech models and disruptive innovation. The government should ensure that Malta has the appropriate regulatory framework, the right tax system and the best infrastructure to support this ambition.”, Added Schembri.
They all emphasized that Malta has the resources and capabilities to focus as a Pioneer in Fintech, because they have the geographic position, the weather, a solid financial system, a skills base, an entrepreneurial spirit and the approach of being able to do things.
Malta can serve as a test bed for new sectors and foreign companies to test their new technologies and products locally.
Source: Malta Today
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