Malta is launching the world’s first legal framework for the creation of a regulatory body to regulate services in the sectors of Blockchain, Artificial Intelligence, and Internet of Things (IOT) devices, within the next few weeks.
Parliamentary Secretary Silvio Schembri made this announcement whilst addressing the Unlock Blockchain conference organised at the Dubai International Financial Centre, where he was promoting Malta as a jurisdiction which could serve as a gateway to other European markets.
During the conference, attended by various high-level international investors interested in the Blockchain technology sector, Mr Schembri said that the Government was working closely with the industry to come up with a legal framework that satisfied AML and KYC regulations, without stifling technology innovation in such a highly dynamic sector.
“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,” Mr Schembri said.
Mr Schembri held several meetings with companies in Dubai operating in the financial services and technology sector, including with Dr Aisha Bint Butti Bin Bishr, Director General of Smart Dubai, to promote the new investment opportunities that would arise as a result of the creation of the new technology regulator.