Cryptocurrency Commerce
image_pdfimage_print

Prime Minister of Malta Joseph Muscat called blockchain technology and cryptocurrency an inevitable part of the digital future during his UN General Assembly’s 73rd session. He went on to say that his country is the first nation in the world to bring jurisdiction to regulate blockchain technology.

During his speech, Joseph Muscat called Malta a “Blockchain Island”. Reports say in June 2018 the country passed 3 bills to regulate blockchain technology, cryptocurrencies, and Distributed Ledger Technology (DLT). He went on to say that blockchain technology helps to filter “good businesses from bad businesses”, making cryptocurrency more transparent and the inevitable future of money.

Malta’s Prime Minister took the occasion of UNGA speech to vouch for advanced technology such as Distributed Ledger Technology (DLT). He said that this technology helps patients get “real ownership” of their medical records. He emphasized that DLT helps in proper verification of humanitarian assistance and their proper delivery at the intended destinations. This technology helps in bringing more accountability to government departments as well as corporations.

Though Malta is the first country in the world to implement jurisdiction on blockchain technology, cryptocurrencies, and DLT, they are intended to provide a proper framework to the businesses that use these technologies. These jurisdictions facilitate the works of these businesses rather than stifling them. That’s why many cryptocurrency-focused companies such as Binance exchange have moved their business entities to Malta and went on to strike a partnership deal with the country’s stock exchange.

Reports say more and more cryptocurrency-based businesses are shifting their bases to Bermuda, which provides new legislation to make ICOs (Initial Coin Offerings) more certain. A task force has also been set up for fostering cryptocurrency commerce.

Within the EU, there has been an increasing trend among countries to provide a legal framework to cryptocurrencies as well as blockchain technology. The lawmakers are trying to standardize Initial Coin Offering (ICO) so that projects related to token sales can help to operate throughout the economic zone.

 

Photo Credit: pexels.com