Government Of Malta To Assist The Government Of Vanuatu With Blockchain Legislation
Malta has been ahead of the curve when it comes blockchain and crypto adaptability, thanks to its forward-thinking government. Recently, reports from a local news site suggest that the Maltese are going to assist Vanuatu with Blockchain Regulation.
Minister of Foreign Affairs of Vanuatu Ralph Regenvanu has requested assistance from the Maltese government in forming blockchain legislation upon instructions from the Council of Ministers. He also met the Pro-Rector of the University of Malta and discussed the possibility of Ni-Vanuatu students and Government regulators getting training in Malta in these newly emerging technologies.
Interestingly, in mid-September, the Reserve Bank of Vanuatu (RBV) issued a public warning on crypto, stating that digital currencies are “not recognized as legal tender in Vanuatu and are not issued or regulated by the bank.” This statement, in turn, raised attention among local authorities, with state regulators suspending the issuance of Financial Dealers Licenses (FDL) to crypto and blockchain-related businesses until a proper regulation is adopted.
The Council of Ministers (COM) also instructed the Ministry of Finance to advise all Ministries, government agencies and stakeholders to refrain from engaging with companies engaged in cryptocurrency or Blockchain businesses until the establishment of a “proper legal framework” on Blockchain and cryptocurrency.
A member state of both the European Union and The Commonwealth, Malta under the visionary leadership of its Prime Minister Dr. Joseph Muscat has declared itself the “Blockchain Island” and last week hosted the inaugural DELTA Summit to highlight the government’s efforts to establish Malta as a pioneering Blockchain and DLT “friendly” regime. Muscat claimed that crypto is the “inevitable future of money,” while blockchain can create a more transparent and fair society.
Due to the high level of blockchain industry development, as well as increased awareness and openness to the cryptocurrency industry, the country has become a popular spot for crypto-related businesses, including major crypto exchanges like Binance, OKex, and BitPay.