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Malta creates the first register of companies with Blockchain technology

the In the public sector, there's the Blockchain-technology, there are many application possibilities: Different countries explore the possibility of decentra

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Malta creates the first register of companies with Blockchain technology
the In the public sector, there's the Blockchain-technology, there are many application possibilities: Different countries explore the possibility of decentralized Data administration and work on pilot projects. Areas such as land registers, trade register, or voting systems. Malta is currently making a foray to the application of the Blockchain for its commercial register.

Brigitte Bernhardt
9. May 2019BTC$6.189,00 2.06%part Facebook Twitter LinkedIn xing mail

Malta is regarded as one of the crypto-friendly countries, and referred to himself as a "Blockchain-island". For this reason, investors and companies from all over the world in the small state in the Mediterranean sea. In particular, the openness of the government towards crypto-currencies and Blockchain lures in addition to tax advantages. Prime Minister Joseph Muscat and the financial supervision of the "Malta Financial Services Authority" (MFSA) are working to create the legal framework.

the Malta Independent on 8. May reported, is to run the Maltese register of companies in the future, also on the Blockchain. The register collects information about existing and new companies, such as headquarters, branches, legal form, authorized persons and capital. In addition to its function as a public directory and it also has a proof, control and protection function. By the end of 2018, it belonged to the MFSA. Meanwhile, an independent Organisation to operate the registry as a block chain-based System.

First of the commercial register with Blockchain technology

The Parliamentary Secretary for financial services, the digital economy and Innovation, Silvio Schembri, said:

The decision, a separate stand-alone Register is in line with the proposed Amendments to the MFSA, with which the internal management structure of the authority is to be strengthened, so that they focus on their regulatory role and also non-traditional areas can deal with.

What are the advantages of the changeover to the Blockchain technology will not bring, was known. In Malta, there are, nevertheless, confident that the innovative approach will work. Not least, the project aims to contribute to Malta's pioneering role in the Blockchain-scene to expand. Schembris comment to the Blockchain-Register:

The new System will not allow the deployment of new services with the current System, which Agency will be the first in the world, on a block chain-based System is operated.

the seat of the new trade register will be Żejtun the town. In the building, which is currently under construction, the International Taxation Unit, the Tech.MT Foundation, Finance Malta and Gaming in Malta to move in.

However, also carried out in other countries, pilot projects with the trade registries on the Blockchain. So it has been tested in Switzerland, the Canton of Geneva for the electronic identification and signature for the commercial register on the Basis of the Blockchain. In France, it was announced in March 2019, a Blockchain-based solution for commercial courts. BTC-ECHO reported.

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