Malta is set to become the first country in the world to regulate services in the sector of artificial intelligence, blockchain and Internet of Things devices.
Parliamentary secretary for financial services Silvio Schembri announced that a legal framework to regulate these sectors will be launched in the coming weeks. He said the law will satisfy anti money laundering and Know Your Client regulations, without stifling technological innovation.
“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”, Schembri told a blockchain conference in Dubai.
During his visit to Dubai, Schembri also met up with representatives from Smart Dubai – an initiative by the Dubai government to promote smart technologies with the lofty ambition of turning the Arab emirate into the happiest city in the world. During the meeting, the two parties agreed to cooperate on implementation projects for blockchain technology in the future.
Prime Minister Joseph Muscat said last year he wants Malta to become a global pioneer in fully embracing blockchain – both across the public sector and from a regulatory aspect. The government’s intention is to turn Malta into a hub for businesses that operate on blockchain using similar tax incentives as those used to woo iGaming companies to the island.