Malta’s Registry of Companies will soon be running on a blockchain-powered system, according to the news outlet Malta Independent. The Registry of Companies is a public registry of new and existing companies on the island, and was established as a separate entity late last year. This is another reason why the island in the Mediterranean Sea is often nicknamed Blockchain Island.
Malta has been pushing the use of blockchain technology for some time now. Last year seven countries from Southern Europe, including Malta, signed a declaration to promote Distributed Ledger Technology (DLT) in the Mediterranean region. Especially when it comes to education, transport, mobility, land registry, customs, company registry and healthcare.
In September crypto exchange Binance started working together with the Malta Stock Exchange to offer trading in security tokens. Just one month later Prime Minister Joseph Muscat stated, during the 73rd session of the General Assembly of the United Nations, that ‘crypto is the inevitable future of money‘.
Because of the positive blockchain and crypto climate on the island, exchanges like Binance, OKex and BitBay have opened offices on Malta. However, in January the International Monetary Fund (IMF) judged that the growth of blockchain in Malta has created risks of money laundering and terrorism financing. The IMF urged the authorities to apply more sanctions and sharpen their understanding of possible risks and regulatory breaches.
Also published on Medium.