Malta's Prime Minister Hails Crypto as 'Future of Money' in UN Speech

Malta's prime minister, Joseph Muscat, has used his platform at the U.N. to speak out on the potential of blockchain and cryptocurrency, calling them an "Inevitable" part of a digital future.

In a speech at the general debate of the 73rd Session of the General Assembly of the U.N. on Sept. 27, Muscat raised Malta's move to set up as a "Blockchain Island" and said that the nation is the "First jurisdiction worldwide" to regulate the technology that "Previously existed in a legal vacuum."

As reported by CoinDesk, Malta's parliament passed three bills regarding cryptocurrencies, blockchain and distributed ledger technology back in June.

Since then a number of cryptocurrency-focused firms including the Binance exchange have moved to set up business entities on the island, with some agreeing partnerships with Malta's stock exchange.

"Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses."

While the country has taken the lead to regulate blockchain and cryptocurrency, other jurisdictions are also moving towards setting up frameworks governing firms using the tech, but aimed not to stifle business or innovation.

Bermuda, for example, is also hoping to draw more companies to the island by providing regulatory certainty with new legislation that would allow initial coin offerings under certain conditions.

It has also set up a task force to foster cryptocurrency commerce.

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