In his keynote during the first day of the AIBC Malta conference, the Hon. Silvio Schembri, Malta’s Minister for the Economy, spoke about how diversification and proper regulation is key to a healthy economy.
He pointed out that the recent collapse of an international crypto exchange firm has highlighted the dangers of an unregulated crypto market and stressed the dire need for prudent regulation across the globe.
To counter this, safeguards were put in place within the VFA framework to protect the interest of consumers and prevent the failure of VFA service providers. This, he said, resulted in a substantial number of companies who operate within this sector – some of whom are key players within the industry – to set up shop and grow their operations from Maltese shores.
“Now more than ever we can safely say that Malta was at the vanguard of this digital revolution.
“As a government we are aiming to ensure Malta remains at the forefront of the fourth tech revolution by fully embracing digital progress based on advanced technology.”
Silvio Schembri at AIBC Dubai 2021
MiCA – Hope for Europe’s wild west
It’s pertinent to note, he went on, that both the EU parliament and the EU commission have now agreed on an EU regulatory framework – MiCA – which is identical to Malta’s VFA act.
The initiative for a Markets in Crypto-Assets, (MiCA) Regulation provides for a solid legal framework, in an area which remains somewhat unregulated by existing financial services legislation. Once adopted, the MiCA Regulation will apply across all EU Member States.
This means that Malta’s VFA Framework can be used as a basis for the adoption and enforcement of the MiCA Regulation in Malta, ensuring a high level of consumer protection once implemented.
The Minister also spoke about embracing the emerging technologies – speaking passionately about their ability to spearhead economic success by sparking international interest in the island.
“Diversification remains the key to a healthy economy. It is only through the creation and strengthening of new and innovative niches that we can attract foreign direct investment and sustain economic success.
“We have laid the groundwork to ensure the operating infrastructure is established, allowing both foreign and local companies to operate effectively, efficiently, and effortlessly,” he asserted.
Becoming AI ready
AI remains high on the priority list of the government. In 2019, Malta launched a vision for AI in Malta and a strategy to achieve that and make sure Malta becomes AI ready. Malta remains committed towards digitalisation and innovation as core elements of future proofing our strategy, Schembri maintains.
“Our resolve to make sure Malta is at the heart of innovative tech; such as regulatory, economic, and educational — remains steady. We remain steadfast and dedicated. Malta is increasingly seen as a natural home for growing tech industries, supporting growth while ensuring user and investors protection.”
Join us: 14 – 18 November for Malta Week
Malta is a hub of global business. The island is an obvious choice for AIBC’s presence in Europe and a strong foundation for the field’s future. With a plethora of prospects for both investors and entrepreneurs looking to shape the future of this multi-billion-dollar business, Malta Week will bring together industry giants among the affiliates, operators, and suppliers of the gaming sector.