Four months ago, the Maltese Parliament passed three laws establishing the regulatory framework for blockchain, cryptocurrency and distributed ledger technology (DLT). Since then, Malta has become known as the “World’s Blockchain Island,” quickly attracting interest from thousands in the crypto community to set up shop on the tiny island that is part of the European Union (EU).

November 1^st 2018 marks another historical day for Malta. Today, the three DLT laws officially go into effect, providing a holistic regulatory framework within the blockchain and cryptocurrency space. What this means is that the newly established Malta Digital Innovation Authority (MDIA) and the Malta Financial Services Authority (MFSA) can now start receiving applications for licensing from those interested in operating in Malta.

On November 1, MDIA will start accepting the first applications for a Systems Auditor and that of a Technical Administrator. Systems Auditors will be responsible for analyzing the blockchain platforms, serving as a bridge between companies interested in establishing themselves in Malta. In this regard, we suggest that those interested in applying to carefully follow the guidelines issued by MDIA, as published through the MDIA website, where one can also find the relevant application forms, Stephen McCArthy, MDIA’s CEO, told me."

Malta: From Blockchain Island To AI Nation 

In addition to the first blockchain applications being reviewed by the Maltese Government, Malta’s Junior Minister, Silvio Schembri, is now being tasked with the ambitious role of positioning Malta at the forefront of Artificial Intelligence (AI) and the Internet of Things (IoT).