Issue link: https://maltatoday.uberflip.com/i/1034189
maltatoday | SUNDAY • 30 SEPTEMBER 2018 GAMING BLOCKCHAIN G2 THE Maltese economy has evolved very rapidly over the recent years, ex- periencing an economic growth that is stronger when compared to other European peers. This growth is at- tributable to demand factors such as increase in consumption expendi- ture but also to an increase in supply and in the productive capacity of our economy. The next step is to increase further our productive frontier and to diversify its output by laying down the foundation for the digital economy to flourish and grow. Embracing new technology and at- tracting innovative developments are key to this new phase. The 4th of July will go down in our economy's history as the day when Malta decided to lead the change in the area of disruptive technology. Following months of dis- cussions with the industry, authorities and regulators, the Acts dealing on Distributed Ledger Technology were enacted into our national law. This will pave the way to the creation of a new economic sector that hopefully can grow and be replicate the success of the iGaming industry. The laws will provide legal certainty to a space that was completely unregu- lated. As a country, we have managed to lead in terms of legislative innova- tion by taking a very holistic approach: meaning that the Acts recently enact- ed will look not only a particular seg- ments of this area but will be giving due importance to the technology per se. Of particular interest is the fact that the Authority entrusted to give recog- nition of DLT technological arrange- ment will in the near future extent its remit to cover also Artificial Intelli- gence, Internet of Things, Big Data and Quantum Technology. We are impressed by the interest generated in this area. However, it is not only about the numbers. As a Government, we want to have the right type of activity. Given that this area is still in its earlier stages, the Acts will ensure an additional layer that will help safeguarding market in- tegrity, market stability and investors protection. Several leading companies in this sector chose Malta as their home with some of them already started hiring offices and recruiting both locally and abroad. Others have already seeded their investment to implement their projects in a safe and a regulated en- vironment. Undoubtedly, Malta has become the island of firsts; the first to provide a hollistic legislative frame- work for the regulation of DLT tech- nology, the first to be soon having a decentralized bank ran by the Block- chain-owned community, the first to have a fully licensed stock exchange on blockchain and the first to have students' educational certificates on blockchain. The Blockchain Revolution will im- pact how things are done be it busi- ness operations, money transfers, healthcare and both public and private sector. Hence It is crucial that there will be a framework for cooperation between MDIA and other authorities since Distributed Ledger Technology will ultimately impact various indus- tries and institutions. At the moment authorities are looking into ways of how to adapt to these new emerging technologies. In the case of Malta, we are seeing authorities taking a pro- active stance, for instance the Malta Gaming Authority launched a public consultation on the use of Distributed Ledger Technologies and the accept- ance of Virtual Currencies through the implementation of a sandbox en- vironment. Together we are witnessing the first steps of this new industry. To grow in a sustainable manner, we need to in- vest more in skills and talent. MITA recently launched a new 300,000 Euro scholarship fund at the University of Malta, that will give the opportunity to several ICT, Finance, Law and En- gineering students to pursue their studies in Blockchain and Digital Ledger Technology this at a Master or Doctorate level. This three-year investment will help us to generate more human resources with expertise in this field that will undoubtly help the local digital innovation industry to grow. The final aim is to put in place the right environment where activities in these areas can grow. Having an eco- system that encourage innovation and embrace discruptive technology is fundamental to create wealth that is sustainable over the years. Our vision for this industry and Mal- ta as the country that embraces new technology will take centre stage in DELTA Summit. With over 3000 at- tendees and around 175 high profile speakers, DELTA Summit is certainly an event not to be missed – a three- day summit which will demonstrate Malta's achievements in a short pe- riod of time, an opportunity for inves- tors, entrepreneurs and innovators to understand better this technology and lastly Malta will firmly establish itself as the world's Blockchain Island. Silvio Schembri is Parliamentary Secretary for Digital Economy and Innovation Silvio Schembri Malta is taking centre stage in the Blockchain space Our vision for this industry and Malta as the country that embraces new technology will take centre stage in DELTA Summit