Malta’s Parliamentary Secretary, Silvio Schembri, has set out the government’s vision to become a trailblazer in the digital economy.

Addressing media at a recent press conference held at the Malta Information Technology Agency (MITA), which drives the use of information and communications technology on the island, he said the government intends to use next year’s budget to provide the necessary tools to make this happen.

This includes prioritizing investment in MITA’s first national blockchain lab, funding specialization in blockchain technology, and investing in a “blockchain hub” to help start-ups harness this technology.

The aim of these initiatives is to increase the use of blockchain technology across the island, including government, with the long-term plan to turn Malta into a “Blockchain Island.”

With regards to the financial sector, Schembri said the island’s government will continue exploring and exploiting the sector’s potential. To this end, Malta’s financial services regulator, the Malta Financial Services Authority, is consulting on the use of virtual currencies by collective investment schemes and plans to issue a study on regulating those who provide services of investment by means of cryptocurrencies.

Schembri concluded by saying: “The same way we became successful in the igaming sector, we can be successful in the blockchain sector.”

Article compliments IFC Review.