The Prime Minister of Malta, named Joseph Muscat, used his platform at the U.N. to speak out on the potential of the blockchain, as well as the cryptocurrency, calling them an inevitable part of a digital future.

The parliament of Malta passed three bills

The speech at the general debate of the 73rd Session of the General Assembly of the U.N. on the 27th of September, the Prime Minister raised the move of Malta to set up as a “Blockchain Island” and said that the nation is actually the first jurisdiction around the world which regulates the technology which previously existed in a legal vacuum.

As it has been reported, the parliament of Malta passed three bills regarding cryptos, the blockchain, as well as distributed ledger technology or DLT back in June this year.

Since that period, many cryptocurrency-focused firms, which include the Binance exchange too, have moved to set up business entities on the island, with some of them agreeing to the partnership with the stock exchange of Malta.

Blockchain makes cryptos inevitable part

In the speech, which previously addressed some problems such as immigration, Muscat continued to take a bullish tone on the technology, saying that blockchain makes cryptocurrencies the inevitable future of money, more transparent as it is helpful for filtering good businesses from bad ones.

And not just that, he also concluded that distributed ledger technology is another one that has the potential to give patients real ownership of their medical records, it can verify that humanitarian assistance is reaching the intended destination, as well as that it helps to bring more accountability to corporations and governments.

Moves from EU to develop new rules for cryptos

While the country took the lead to regulate blockchain and crypto, some other jurisdictions are also moving towards setting up some frameworks governing firms with the use of the tech but aimed not to stifle business, as well as innovation.

For instance, Bermuda also hopes to draw more companies to the island by providing regulatory certainty with some new legislation which is going to permit ICOs under certain conditions. Also, it has set up a task force in order to foster cryptocurrency commerce.

There were also moves within the European Union to develop some new rules for cryptocurrencies, with one lawmaker proposing some standards for Initial Coin Offerings which are going to permit token sale projects to operate all over the economic zone.

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