Malta’s Prime Minister Says Cryptocurrencies are “Inevitable Part of Digital Future”

News and Analysis

During a speech addressing the general debate of the 73rd Session of the General Assembly of the United Nation, Malta’s Prime Minister, Joseph Muscat, has stated he “passionately believes blockchain makes cryptocurrencies the inevitable future of money.”

Muscat also stressed that Malta positioned itself as the “blockchain island” as it was the first jurisdiction in the world to regulate blockchain technology, which “previously existed in a legal vacuum.”

“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses. But these distributed ledger technologies can do much more,” he said.

Muscat went on to note that blockchain can create healthcare systems in which patients have “real ownership of their medical records.” These, according to him, can also help verify whether humanitarian assistance is reaching its intended destination.

Malta’s PM also added, that blockchain tech can “make sure nobody is deprived of their legitimate property because of compromised data.” Corporations, he noted, will be able to “become more accountable for their shareholders,” while states will “need to move to regulate an environment where citizens trust the handling of their own data.“

Malta’s strong reputation for having a robust and transparent crypto regulatory climate has led several crypto industry leaders to relocate their operations to the island. Crypto exchange Binance first announced it was relocating its headquarters there in March – OKex and BitBay are two others that have followed suit.

In June, the Maltese parliament approved three DLT- and crypto-related bills, consolidating the island’s bid to remain at the forefront of blockchain innovation.

Last month, Binance signed a memorandum of understanding with the Malta Stock Exchange to launch a new digital exchange for security token trading, while Russia-based Waves Platform announced it started negotiations with the government of Malta regarding the company’s accreditation in this Mediterranean country and potential scenarios for the use of the Waves blockchain solutions in the state’s government and corporate sectors.

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