A Landmark for the Blockchain Island

Malta becoming the "Blockchain Island" is no longer a distant dream but a reality, which - within a very short time frame and through our tireless commitment to incorporate, use and embrace this new, emergent technology - has propelled our country to the forefront of the blockchain sphere; reaffirming our position as a main point of reference for other countries that will inevitably follow.

The latest announcements by the Malta Financial Services Authority and the Malta Digital Innovation Authority were highly significant for investors and operators who are looking at establishing their operations and headquarters in Malta.

It was an important achievement for the Blockchain Island when the MFSA approved the first Virtual Financial Assets agents, later followed by the MDIA issuing the first accreditation of System Auditors of Innovative Technology Arrangements.

The interest in what Malta is offering for the flourishing of the blockchain industry was quite overwhelming, with the MFSA receiving over 350 notifications from companies that operate in this sector.

The same goes for the system auditors accredited by the MDIA, who will carry out reviews on the technological system and will come up with a report based on the guidelines and objectives published by the MDIA. Its objectives are based on five main principles: security, processing integrity, availability, confidentiality and protection of personal data.

The same as the VFA agents duties, the system auditors will assist the MDIA throughout the certification of the clients Innovative Technological Arrangements and Services platforms, meaning that system auditors will be MDIA's main point of reference.

Besides having the first VFA agents and system auditors in place, there's another milestone that cannot go unnoticed, and that is the bridging between both authorities - i.e., the MFSA and the MDIA - who will be issuing a license.

These auditors are the main bridges between the MFSA and the MDIA. They are a fundamental component in the regulatory system that will guarantee that the technological arrangements have the necessary standards and criteria.

From the very beginning, we have set the tone that paving the way for the Blockchain Island will be done in such a way to safeguard the best interest of our jurisdiction.

Malta has yet again proved its commitment of embracing new technologies and being home to operators setting foot on the Blockchain Island.