By Joseph Muscat, the prime minister of Malta is the latest person of power to praise cryptocurrency, recently using his platform at the U.N to praise the power and potential of blockchain & cryptocurrencies calling the technologies an “inevitable” part of a digital future to come.
In his speech at the 73rd Session of the General Assembly of The U.N which took place on Saturday the 27th of September, Muscat brought up Malta’s decision to become a “Blockchain Island” and stated that the nation is the “first jurisdiction worldwide” to regulate cryptocurrencies & blockchain technology which had “previously existed in a legal vacuum.”
Malta’s parliament back in June passed three separate bills in relation to crypto, blockchain & distributed ledger technology (DLT).
Since these bills were passed a number of crypto firms including Binance have made roots in Malta in order to set up businesses on the island nation and some of them have entered into agreeing with partnerships with the country’s stock exchange.
During his speech Muscat had this to say:
“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses.”
Muscat went on to state that distributed ledger technology also has uses in the medical fields as it could potentially give patients “real ownership” of their records and that the tech can “verify that humanitarian assistance is reaching it’s intended destination,” and ultimately can bring about better accountability to governments and corporations. 
While Malta has taken the lead in this move to regulate crypto and blockchain technologies, other jurisdictions in the nation are also making moves to set up frameworks for governing firms using the tech but their aim is not to stifle business or innovation.
Bermuda is another nation looking to entice companies to their island by providing promises of regulation with new laws that could allow initial coin offerings under certain legal conditions. They’ve also set up a task force to help adopt cryptocurrency commerce.
In the EU, there have also been moves to draw up new rules for the use of crypto, for example, one lawmaker has proposed new standards for ICO’s that that could allow for token sales to operate within certain economic zones.
With nations like Malta and Bermuda and certain parts of EU making these bold moves to regulate cryptocurrencies, could we perhaps see more western countries following in these footsteps? Let us know your thoughts.
Follow CoinBeat on Facebook, Twitter & Telegram
Subscribe to our CoinBeat Newsletter
Submit an article to CoinBeat
View live Marketcap Prices here
Comments