Malta will assist the Pacific island nation of Vanuatu in forming blockchain regulations, according to the island's local media reports.
According to the Vanuatu Daily Post, which was quoted by news portal CoinTelegraph, Vanuatu’s Minister of Foreign Affairs Ralph Regenvanu reportedly requested assistance from the Maltese Government in forming blockchain legislation, upon instructions from the island's Council of Ministers.
Mr Regenvanu, who met with Prime Minister Joseph Muscat and Parliamentary Secretary Silvio Schembri, noted the crucial role of adopting appropriate regulatory frameworks for the blockchain industry and Initial Coin Offerings (ICOs).
According to the report, Maltese authorities “immediately” responded to Mr Regenvanu’s request, and offered assistance to the Vanuatu Government in developing proper legislation for the blockchain sphere.
Mr Regenvanu also suggested the formation of a “Commonwealth of Blockchain Islands” for establishing blockchain regulatory standards. According to the Vanuatu Daily Post, Dr Muscat “warmly welcomed the Minister’s recommendation.”
No official announcement has been made by the Maltese Government on this subject so far.
The government of Vanuatu - a South Pacific Ocean nation made up of roughly 80 islands - currently accepts Bitcoin (BTC) as payment for its citizenship programme, requiring a one-time payment of $200,000, or around 30 bitcoins.