Category Archives: Delta Summit 2018

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Vanuatu Seeks Maltese Help to Frame Blockchain Regulations

The tiny Pacific island of Vanuatu is to get some help from crypto dynamo Malta to assist with the drafting of its new blockchain legislation.

The island’s Minister of Foreign Affairs, Ralph Regenvanu, has sought support help from the Maltese government in framing blockchain legislation after a meeting with Maltese PM Dr Joseph Muscat and pro-crypto Parliamentary Secretary Silvio Schembri, where it was decided that regulatory structures would be crucial for a developing blockchain environment such as Vanuatu.

The Vanuatu archipelago, which is of volcanic origin, is 1,750 kilometers east of northern Australia, 540 kilometers northeast of Reserve Bank of Vanuatu, east of New Guinea, southeast of the Solomon Islands, and west of Fiji. Vanuatu is moving ahead with its blockchain and crypto plans having recently approved a stock exchange license to a crypto exchange on the island, making it the first such event in the South Pacific island’s business history.

The latest plans to accept Malta’s offers of assistance have disregarded the Reserve Bank of Vanuatu’s earlier warnings that virtual currencies are “not perceived as legitimate tender in Vanuatu and are not issued or controlled by the bank”.

The Maltese support will come in the shape of training for state regulators and students, as well as technical help with regulation. MaIta, highly experienced in legislating for emerging technologies could well become a go-to advisory for emerging blockchain territories. It is no accident that the Delta Summit 2018 held last week in Malta had been chosen for this particular time, given recent legislative moves to position itself a crypto/blockchain world leader.

This is not the first time that the tiny jurisdiction of Vanuatu has hit the press, as another crypto revelation earlier this year claimed that the nation would patriate new citizens to the islands for the sum of USD 200,000 payable in Bitcoin, a report refuted by local authorities.

 

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“Malta Prefers to Be the First” in Crypto Race

Malta’s Parliamentary Secretary Silvio Schembri has announced at this week’s Delta Summit 2018 that Malta wants to be leading the cryptocurrency race, not the last one in.

With three highly significant bills at their second reading in the Maltese Parliament, Malta is pushing towards being the first country to bring into law every regulation necessary to fully support the cryptocurrency industry. The current proposed legislation, the Malta Digital Innovation Bill, the Virtual Financial Assets Bill, and the Innovation Technological Arrangements Services Bill are major steps along that route.

It is no accident that the Delta Summit 2018 currently being held in that country has been chosen for this particular time, with Malta positioning itself once again as a world leader in embracing every aspect of new technology as part of its fintech portfolio.  Schembri, speaking of what he expected from the summit when it was first announced back in June of this year, commented:

“Malta will firmly establish itself as the innovator and as the ideal space for companies that operate within this space to operate from here. The Delta Summit will celebrate DLT technology, the legal platform Malta’s government is providing.”

Speaking yesterday at the conference, Schembri said that he saw the University of Malta as playing a pivotal role in the government’s plans to become a world leader in the industry, suggesting that by becoming the home of the first blockchain scholarship for students, Malta can fast become the center of the global blockchain revolution. The comments were very much in line with those he made recently when advocating the island’s proposal to become the world leader rather than just another player in blockchain development:

“Malta will be the epicenter of the Blockchain industry. I invite stakeholders, operators within this space, investors, entrepreneurs, and innovators to be part of yet another exciting chapter for Malta and be part of the Blockchain Island.”

The Delta Summit comes just a week after the Prime Minister of Malta, Joseph Muscat, gave a speech to the United Nation’s General Assembly remarking that cryptocurrencies are the “inevitable future of money”.

 

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