Although it is one of the smallest countries in Europe, Malta has a history that far outweighs its tiny size. Beyond the thousands of years of colourful history that are still visible across the Maltese islands in the form of a unique culture, Baroque architecture, megalithic temples and wartime forts, Malta has more recently become internationally-renowned for another, more technological reason: as ‘The Blockchain Island’.
Malta’s booming economy – which has continued to grow in contrast to other crisis-afflicted and struggling European economies – has made it the ideal hub for big-name organisations around the world. The islands have particularly gained popularity within the iGaming sector, which is now one of Malta’s most prominent industries comprising 12 per cent of Malta’s GDP.
In 2018, Malta became established as the market leader for the world’s latest most transformative technology, blockchain. As the decentralised, secure and efficient technology that supports cryptocurrency, blockchain’s potential has been said to rival the global impact of the dawn of the internet.
In a world-first, Malta’s government launched a series of progressive legal bills that established a regulatory framework for cryptocurrencies, blockchain and DLT in general. As part of the government’s detailed National Blockchain Strategy, which covers related initiatives such as moving public registries to the blockchain, smart governance, digital identity and e-residency, Malta also hosted the highly-anticipated Malta Blockchain Summit in late 2018, with a second edition planned for 2019 that also focuses on the growing Artificial Intelligence (AI) industry.
This forward-thinking official stance continues to attract developers and entrepreneurs to Malta, as well as notable crypto exchanges and technological companies, who are hoping to relocate to a European country which is a pioneer in the global blockchain market.
Your FSPC Lead Contact is well-placed to assist you with entering the booming blockchain industry in Malta, using our long-established network of local and international business contacts.
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