Malta government: “Our next step is the block chain”

nnnThe Malta economy relies heavily on gaming and financial services, attracting foreign companies, entrepreneurs and individuals with a tax system. Malta is now using the leading technology, such as block chain, to train technical personnel, through the technical force to maintain the momentum of development of these industries.n
nnTranslation: Annie_Xun
nOne of the smallest countries in Europe, Keith Abela, Malta’s financial services, digital economy and innovation secretariat, describes Malta’s financial and online gaming industry, attempts to take advantage of domestic and international talent, and how to use emerging block technology to stay in these industries The leading position.n
nHow does the banking economy of Malta withstand the eurozone crisis and how to protect the country from the future of the global financial crisis?n
nWe are fortunate that our banking institutions are not exposed to the subprime crisis as many other banks in the European Union, either directly or indirectly. Most local banks, as opposed to other EU member states, are relatively conservative in local banks in favor of our crisis.n
nMost of our public debt is long-term, and is local, so we have not encountered liquidity problems. Since then, we have continued to strengthen our banking and financial systems with our European partners through regulatory and prudent norms. Over the past four years, the government has been hoping to diversify its economy, such as by attracting private investment in the medical and educational sectors.n
nHow does the government attract gambling companies to ensure that these companies are left with further measures?n
nThe main industry in Malta is now different from that of a decade ago. Has made major use of attractive tax systems, and Malta has benefited from the world’s most complete domestic ecosystem. Now the industry’s companies benefit from the strong support of talent pool and supporting measures.n
nWe are now actively exploring the use of encrypted money in these industries, and we believe that will bring rapid and cost-effective alternatives to traditional payment mechanisms. The Malta Gaming Authority (MGA), Malta’s gaming industry, has been upgraded to provide professional support services for online gaming companies that want to set up a company in Malta and develop new business.n
nMalta should also be among other science and technology in the field of leading position?n
nAs a country, we have a new historical record of strong adaptability. We reshape the field of financial services and remain attractive, while following the norms of the European Union and the OECD. Recently, companies in the field of Malta insurance and securities and alternative investment funds have developed.n
nWe believe that the next step is to take full advantage of the block chain technology. Our vision is to provide the best legal framework for Malta to become the leading country for attracting block chain technology companies. Not only for the development of technology to facilitate, but also actively advocate.n
nHow can countries better ensure that more young people enter the field of science and technology in Malta?n
nAs a country, there is no resource advantage in the country, training young people is the foundation. The government supports the University of Malta and other institutions to focus on future needs and interact closely with the industry. To this end, set up ICT, financial services, pharmaceutical industry and online gaming and other university courses.n
nAlthough this approach has had a good effect on the economy, we need to form a culture that encourages early participation in innovation. We must continue to attract the right people to showcase Malta’s business areas to companies, entrepreneurs and employees. Malta is a member of the European Union, close ties with Europe, strong financial services industry, continuous economic growth for many years, good weather throughout the year, is considered the best place to work and live.n
nWill it make legislative adjustments?n
nMalta’s two major industries are financial services and online gaming. After years of upgrading, despite the cost structure that has focused on competitive advantage, it now benefits from the complete infrastructure and is well suited to domestic demand. For example, the software field has begun to support the online gaming industry. We need to continually assess the opportunities and threats of the industry and seek a visionary repositioning.n
nWith regard to legislation, we have recently issued two letters, one for online gambling, with the aim of further simplifying the regulation and narrowing the distance between existing technology and existing regulation. The regulation of gambling services under the new regulations will be more broad and clear, that is, all activities that belong to the MGA jurisdiction should follow the licensing requirements.n
nAnother document is to strengthen the Malta Financial Services Authority (Malta Financial Services Authority), so that the agency from the shareholders get feedback, so that institutions are more adaptable to changing the environment.n

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