Regulations on Blockchain and Distributed Ledger Technology are on the horizon and the moment they are implemented there will be big changes ahead. Banks, companies, and the Maltese government have understood the importance of DLT and Blockchain so it’s exciting to see how this will shape the island, the economy, and the external influence this may bring. But what will this look like for Malta and what will be the consequences of these regulations being put in place?
We met up with Steve Tendon for an interview to share his insights with us on these regulations and the famous hashtag #BlockchainIsland. Steve Tendon is a senior executive management consultant, adviser, speaker and author.
In 2017, he was appointed to Malta’s National Blockchain Task Force to give counsel to the Government of Malta on developing and implementing the country’s blockchain strategy. In 2018, he founded and became director of ChainStrategies and was named in the “Lattice80 Blockchain 100” list of global Blockchain influencers.
Malta as a Hub for Blockchain Companies
There are three bills that are soon to be passed soon and Steve Tendon believes that once companies are able to set up in Malta according to Maltese laws this will be a good proposition as companies will have their doors open to the European market.
Although many technologies have taken a long time to be adopted, nowadays technologies are steamrolling ahead and are being fully adopted in no time. Steve Tendon said in the interview that blockchain technology will find itself on an adoption curve but since it is still an evolving technology it is yet to be seen which blockchain will be fully adopted but Malta could play a part in this going forward.
“Malta has had the experience with financial services, with iGaming… Malta is a leading jurisdiction, if not, the leading jurisdiction and that has inspired many to think in the same way.”
Once these bills are in place, we will then see if an influx of crypto companies open in Malta. Tendon, for one, is certain that this will happen and that Malta will be distinctive for businesses involved in blockchain and distributed ledger technology, just as much as it is known for iGaming companies.
So with these regulations being put in place, the sky’s the limit for blockchain and DLT and Malta stands to gain a lot by pioneering the way. This will bring about changes in our businesses, the economy, politics, and probably ways that have not yet been envisioned.
More about Steve Tendon
Steve Tendon is the Founder and Director of ChainStrategies which aims to provide decision-makers with the best advice to make strategic business decisions about Blockchain technologies. He is also the Strategic Advisor on the National Blockchain Strategy Taskforce of the Office of the Prime Minister for Malta.