The Prime Minister of Malta, Joseph Muscat has vowed to take cryptocurrencies “out of the wild wild west” in a pitch for his country’s raft of laws for digital currencies and the Blockchain in general.
Muscat while speaking at the GovTech Summit in Paris said:
“Since we have put in place the regulation even the most disruptive of companies want it. They want it for three reasons. First it offers piece of mind for customers; second it offers piece of mind for their investors and third is in order to be the new norm. You cannot be accepted as the new norm if you are in the wild, wild West,” Muscat remarked.
“We are setting the standard and saying that, yes, these people went through these tests and so they become more legitimate. People often think of regulation as a negative, but in fact smart regulation helps innovation.”
He said that the innovation was an opportunity for small or unrecognized states “that might sometimes seem to be irrelevant to make their mark.”
Valletta just of recent, introduced the Innovative Technology Arrangement and Services Act (ITAS), Virtual Financial Assets Act (VFA) and together with a new Malta Digital Innovation Authority (MDIA).
The duo of the world’s largest cryptocurrency exchanges, Binance and Bitbay, are making Malta a central hub of their operations.
The inaugural GovTech Summit which opens in Paris, aims at gathering political leaders, investors and entrepreneurs to explore how startups and new technology can improve public services and democratic processes.