Kearon Bruno, chairman of the Digital Economy Think Tank, announced that Malta is no longer a ‘blockchain island’ – the government intends to focus on the development of the digital economy.
Kearon Bruno believes that it is not worth plunging into the development of shared registry technology. It is much more profitable and effective to use a complex approach in the development of the digital economy and take into account all aspects of technology development. It should be noted that the Maltese Research Center was established in 2020. in June. Its composition includes representatives of the gaming and financial industry, as well as specialists in the field of Information Technology
In 2009, Malta’s former prime minister Joseph Muscat positioned Malta as a “blockchain hub”. With Muscat’s support, Malta launched a project within which all diplomas and education certificates issued in the country can be stored on a blockchain. Later, lease agreements were also transferred to the blockchain. However, after Muscat resigned at the end of last year due to a political crisis, Malta no longer focused on the wider application of blockchain.
Another member of the research centre, Beverly Tonna, noted that the Malta Financial Regulator (MFSA) has created a regulatory “sandbox” for firms working in the fintech sphere. This means Malta is moving away from blockchain and cryptocurrency, providing more opportunities for start-ups focused on financial technology. Malta does not deviate from what was previously done in the field of blockchain and is still interested in virtual assets.