Many industry and world leaders flocked to New York on September 24 for the 73rd United Nations General Assembly, where they brainstormed on the advantages of blockchain technology.
Malta was on the spotlight, as the country’s leaders showcased the efforts that they have exerted for the island nation to earn the nickname “Blockchain Island,” plainly due to a spate of notable cryptocurrency- and blockchain-related companies that have set up offices on its soil, as well as the crypto-friendly bills that the country has passed in June.
The First Jurisdiction
According to the Crypto Corner Podcast by InvestorIdeas dated October 4, Malta Prime Minister Joseph Muscat delivered a speech at the 73rd session of the UN assembly, wherein he expressed his confidence in blockchain technology and digital currencies.
Prime Minister Muscat said during the assembly:
I passionately believe technology revolutionizes and improves systems. This is why in Malta, we have launched ourselves as the blockchain island by being the first jurisdiction worldwide to regulate this new technology that previously existed in a legal vacuum. Blockchain makes cryptocurrencies the inevitable future of money more transparent it helps filter good business from bad business.
“DLT Can Do Much More”
But Prime Minister Muscat believes that distributed ledger technologies can do much more. And that belief may be the underlying reason why many blockchain and crypto firms are emigrating to the island nation’s shores.
Notable crypto firms have already set up their bases on the island nation, including Binance, OKEx, and ZB.com, and other crypto and blockchain companies like Fineqia.
“Malta ticks a lot of boxes as a pioneering crypto-friendly regime,” said Silvio Schembri, Malta’s Junior Minister for Financial Services, Digital Economy, and Innovation during an interview with Forbes. “Choosing a jurisdiction where the legal and regulatory framework is in sync with emerging technologies and new financial instruments is as important as selecting sound investment opportunities in the first place.”
The country will be holding the Malta Blockchain Summit from November 1 to 2, where it will bring together over 200 sponsors and exhibitors, and 5,000 delegates.
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