Malta creates first commercial register with blockchain technology | BTC-ECHO
Malta is considered one of the most crypto-friendly countries and likes to call itself "Blockchain Island". That is why investors and companies from all over the world settle in the small state in the Mediterranean. In addition to tax advantages, the government's openness to cryptocurrencies and blockchain is particularly attractive. Prime Minister Joseph Muscat and the Financial Services Authority (MFSA) are working to create the legal framework.
As the Malta Independent reported on May 8, the Maltese Commercial Register will also run on the Blockchain in the future. The commercial register collects information about existing and new companies such as domicile, branches, legal form, persons authorized to represent and capital. In addition to its function as a public directory, it also fulfills a proof, control and protection function. By the end of 2018, it belonged to the MFSA. Now an independent organization, one wants to operate the register now as a blockchainbasiertes system.
First commercial register with blockchain technology
The Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri said:
The decision to set up a separate standalone registry is in line with the proposed changes to MFSA to strengthen the Authority's internal administrative structure so that it can focus on its regulatory role and also address non-traditional issues.
The benefits of switching to blockchain technology in particular were not known. However, Malta is confident that the innovative approach will work. Last but not least, the project should contribute to expanding Malta's pioneering role in the blockchain scene. Schembri's Commentary on the Blockchain Register:
The new system will enable the provision of new services that are not possible with the current system, making the agency the first in the world to operate on a blockchain-based system.
Seat of the new commercial register will be the city of Żejtun. The building, which is currently under construction, will include the International Taxation Unit, Tech.MT Foundation, Finance Malta and Gaming Malta.
Meanwhile, other countries have already carried out pilot projects with trade registers on the Blockchain. In Switzerland, for example, the canton of Geneva has tested the electronic identification and signature for the commercial register on the basis of the blockchain. In France, a blockchain solution for commercial courts was announced in March 2019. CriptomonedaseICO reported.
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