Malta Blockchain Island Begins to Ramp up New Malta.AI Artificial Intelligence Initiative

Malta is working in order to create a task force that will be developing a national artificial intelligence (AI) strategy. The government announced this on November 1 at the Malta Blockchain Summit. The decision was taken after experiencing an important influx of new companies from the blockchain and cryptocurrency world.

Silvio Schembri, the Minister for Financial Services, Digital Economy and Innovation, said that they are launching Malta.ai. He explained that they do not only want to be dubbed ‘the blockchain island’ but they also want to become a recognized AI nation. This is why the country will be creating a friendly regulatory environment related to artificial technology.

This is something that the island has already implemented with the blockchain industry. The government decided to implement a clear and friendly regulatory framework for crypto and blockchain companies. This allowed important names in the crypto space to settle their operations on the island. One of these companies is Binance, the largest virtual currency exchange by trading volume.

On the matter, Schembri commented:

“After successfully positioning Malta as the ‘Blockchain island,’ by being the first in the world to regulate DLT (distributed ledger technology) products and services, we now would like to position Malta amongst the top 10 countries in the world with an artificial intelligence policy.”

The government has also taken the decision to launch a new website for the national AI strategy that is going to be implemented by the country. The website is known as Malta.ai and it will be providing information about this industry in the country. Moreover, the AI projects are going to be monitored by the Malta Digital Innovation Authority, which is already monitoring blockchain technology in the country. This is very promising since the policies taken around blockchain technology have been very successful and the government expects to have similar results with the AI industry.

According to official statements at the Malta Blockchain Summit, the objective is to establish certain dialogues with stakeholders, build awareness of certain key topics in the industry and consult on specific policies. Furthermore, there will be a regulatory framework that will implement fiscal measures to strengthen Malta’s position as a hub to attract other investors and firms from the sector.

At the same time, Malta.ai will be collaborating with SingularityNET to explore a specific citizenship for robots. The intention is to create new regulations for AI.

Malta is one of the friendliest countries in terms of regulation for blockchain technology and cryptocurrencies. The decision to become one of the most important hubs in the blockchain world has been taken by the government in February 2018.