Malta has become renowned as one of the most blockchain and cryptocurrency-friendly countries globally. Led by Prime Minister Joseph Muscat, the country has enacted laws that foster innovation while protecting the consumers. Ian Gauci is one of the people who have been extensively involved in blockchain regulations and in an interview with CoinGeek’s Becky Liggero, he explained how Malta has transformed into the blockchain island it is today.
Gauci is the managing partner at Maltese law firm Caledo Services, which also provides consulting services on emerging technology. At the Malta AI and Blockchain Summit, he talked to CoinGeek about how his firm is contributing to the development of blockchain technology and the effect that regulations are having on the industry.
The Maltese government is aware that the future will be driven by technology, he stated. This is why it has been quick to regulate emerging technology such as blockchain which will enable it to grow and mature within the confines of the law.
To help the government get a better grip of the innovative technology, the Malta Digital Innovation Authority was established.
That authority is creating certification criteria, it’s licensing system auditors. It will make sure that the technology and the blueprint behind it, is safe and up for use. That is something innovative and we’re doing it here in Malta.
The Maltese government is also working to adequately equip its regulatory authorities and the judicial system to handle any conflicts that arise from emerging technology. The government is also seeking to have multilateral agreements in place with international authorities such as Interpol which will enable swift response when called upon.
Gauci, who also serves as a strategic advisor to the country’s National Blockchain Strategy Taskforce, is confident the government has put in place enough measures to protect the consumers.
So, that is why we created legislation and that’s why we are fostering consumer protection. To make sure that as much as possible, the consumer feels safe within this ecosystem.
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