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Silvio Schembri opens the Blockchain Governance World Summit in South Korea

Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri was invited to open the Blockchain Governance World Summit in Seoul, the biggest blockchain-themed event in South Korea.

The Summit gathered leaders from across the globe to discuss and define the importance of blockchain global regulation.

Schembri explained Malta’s proactive stance in embracing new technologies and the process it underwent last year, resulting in Malta earning the epithet of The Blockchain Island. “As a government we immediately recognised its huge and strong potential, for which, through the three laws which are now in effect, we’re laying the foundations to allow this industry to grow and businesses to flourish in our strong ecosystem. We are acutely aware that we are treading unchartered waters, and therefore we made sure to set up the necessary guidelines and standards in the best interest of the investors, operators, and consumers while aiming to protect and strengthen the credibility, seriousness, and reputation of the Maltese jurisdiction”, said Schembri.  

 

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Schembri explained that 2019 marks the dawn of an historic event. Now that the authorities MDIA and MFSA are receiving applications from operators requesting a license, it is being predicted that in the second quarter of this year the first license will be issued.

He added that what Malta managed to achieve in a short span of time is now serving as a blueprint for countries that are yet to explore this new emergent industry. Schembri referred to the MED7 Blockchain Declaration signed by the MED 7 countries, an initiative which was taken by Malta and taken on board by Spain, France, Italy, Portugal, Greece, and Cyprus, through which the seven countries will exchange information on this sector. 

 

 

Schembri explained that the Maltese government’s vision does not stop at DLT technology and is now looking into tapping new economic niches such as artificial intelligence through the work that is being done by the Malta AI Taskforce, and esports, which strategy is going to be launched soon.

Finally, Schembri extended an invitation to the second edition of DELTA Summit, the Maltese government’s official digital innovation event which will be held between the 2 and 4 October, a summit which will expand further to become Europe’s top technology event. 

During the visit in Seoul, Parliamentary Secretary Schembri had meetings with Vice Minister of Science and ICT Won Ki, the Mayor of Seoul Park Won Soon, who represents 25% of the South Korean population, and several investors keen to invest in Malta.

 

Source: Press Release by the Parliamentary Secretariat for Financial Services, Digital Economy and Innovation

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