Issue link: https://maltatoday.uberflip.com/i/1117384
16.05.19 6 INNOVATION LIAM SCHEMBRI BANKS and financial institu- tions should stop giving Block- chain technology the cold shoulder and, instead, step up their game and adapt to a new reality, parliamentary secretary for digital innovation Silvio Schembri said this week. "We want to offer a complete holistic ecosystem which re- wards operators who choose our country as their base, mak- ing Malta a natural choice for companies to reside here. For this to happen, all stakeholders must continue pulling the same rope," Schembri said. "I am aware of the agony that certain companies are ex- periencing when it comes to opening bank accounts. I ap- peal to banking institutions not to turn their shoulder on this new emergent sector and en- courage them to step up their game, adapt and adapt to this ever-changing scenario." Schembri was speaking dur- ing the inauguration of the 2,000 sqm Chiliz Blockchain Campus in Gzira which will house world-leading crypto exchanges and service provid- ers and is also expected to act as the European gateway for Asian blockchain organisa- tions. He said the investment was a result of the government's Blockchain policy and its suc- cess towards making Malta 'e Blockchain Island'. Schembri said the govern- ment was laying strong foun- dations to provide peace of mind and statutory certainty while, at the same time, assert- ing market stability, integrity, and consumer protection. He noted that in just 12 months, Chiliz managed to grow from 12 team members to 50 span- ning 20 nationalities. In his speech, Alexandre Dreyfus, CEO of Chiliz and Socios.com, said Malta provid- ed a solid foundation for the blockchain industry by being one of the first countries glob- ally to provide legislation for this emerging technology. "Not only has this enabled us to attract some of the larg- est crypto companies in the world, including large crypto exchanges, but it has allowed Chiliz to flourish and get pre- pared to launch our product, Socios.com to a worldwide au- dience," he said. 'Adapt and stop ignoring blockchain' Parliamentary Secretary tells banks: e government's decision to pull the Registry of Companies from the MFSA's remit was aimed at strengtening the financial regulator's supervisory role LIAM CARTER