In a move to become a leading fintech hub in Europe, Prime Minister of Malta Joseph Muscat recently revealed that the cabinet has approved the first draft of a national strategy to promote blockchain technology, as reported by Malta Today.

Speaking at a conference organised by the financial affairs parliamentary committee, Muscat said that the strategy will soon be put up for public consultation. He added that Malta will become one of the first countries to embrace the technology.

“This is not just about Bitcoin, and I also look forward to seeing blockchain technology implemented in the Lands Registry and the national health registries,” he said. “Malta can be a global trail-blazer in this regard.”

“I understand that regulators are wary of this technology but the fact is that it’s coming,” he added. “We must be on the frontline in embracing this crucial innovation, and we cannot just wait for others to take action and copy them. We must be the ones that others copy.”

Echoing similar views, chair of the financial affairs committee, Labour MP Silvio Schembri said that he wishes Malta to become “the Silicon Valley of Europe”.

“We should aim to have the world’s best environment for the development and commercialisation of Fintech models and disruptive innovation,” he said. “The government should ensure that Malta has the appropriate regulatory framework, the right tax system and the best infrastructure to support this ambition.”

“With our geographical position and weather conditions, strong financial system, skills base, entrepreneurial spirit and can-do approach, Malta can truly serve as a test-bed for new sectors and foreign firms to test their new technology and products locally.”