Malta Set to Have the World’s First Government Agency Fully Run on a Blockchain-Powered Systems
Malta’s crypto sector begun booming In 2018 after the Maltese government became the first in the world to launch three new acts that would regulate in favour of blockchain, crypto coins, and other related industries. Since then, Malta has found itself as a jurisdiction of choice for many crypto and blockchain related businesses, including Binance Exchange, the world’s largest crypto exchange.
A few days ago, the Maltese government released an announcement that the country’s Registry of companies will be run on a blockchain-backed system. Aimed to increase efficiency and reduce bureaucratic procedures that the citizens have to endure when registering companies, the blockchain-backed registry is going to be the world’s first government agency ever run on blockchain.
The decision followed Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri’s visit at the Registry of Companies agency. Schembri fully praised the system saying it comes at a time when registrations for new companies have noted a 55% increase in just six years.
‘’Through extensive investment in IT, the Registry of Companies will be more efficient and will lessen unnecessary bureaucratic procedures. It will be run by a system which will handle all of the processes performed by the Registry of Companies. The new system will make possible the provision of new services which with the present system are not being provided bringing the agency the first in the world to be run on a Blockchain based system,” he stated.
The Registry of Companies Agency
According to Silvio Schembri the new premises will form an integral part of Malta’s technological and innovative activity. “While previous administration disregarded the South of Malta, this administration sought to exploit the potential of this area by bringing commercial activity to the part for the benefit of all,” he said.
Joseph Farruga, the Registrar agrees, saying that the new premises will strengthen the agency operations to better address the challenges. According to him, the new system will ensure that clients and operators are served efficiently without unnecessary delays.
The new Registry of Companies office will be based in Żejtun together with the International Taxation Unit, Tech.MT Foundation, Finance Malta and Gaming Malta. The offices will be equipped with the latest technology and will include meeting rooms, training room, board room, first aid room, archives, conference hall, canteen facilities and parking for all staff.