The European island of Malta is trying to use blockchain
know-how to make its Registry of Companies company extra environment friendly, Parliamentary
Secretary for Financial Services, Digital Economy and Innovation, Silvio
earlier this month.
According to Schembri, the brand new blockchain-based system will
deal with all of the processes carried out by the Registry of Companies and “will
make doable the supply of new companies which with the current system are
not being offered bringing the company.” He stated the registry shall be “the primary
on the earth to be run on a blockchain-based system.”
“Through an extensive investment in IT, the Registry of Companies will be more efficient and will lessen unnecessary bureaucratic procedures,” Schembri stated.
The new blockchain-based system is a component of a restructuration
and modernization push for the Registry of Companies, which, on the finish of final
yr, demerged from the Malta Financial Services Authority (MFSA) and
established itself as a standalone company.
The Registry of Companies is a public registry accountable
for the registered info and documentation pertaining to new and current
Through the brand new Legal Act, the company was given the
accountability for all property, liabilities and obligations which have been
beforehand vested or entered by the MFSA and which emanate or come up from the
capabilities of the company.
Works are presently being carried out on the Registry of Companies’
new premises, which shall be positioned within the South Eastern metropolis of Żejtun.
Schembri stated the necessity for the company to transfer into new
premises displays Malta’s quickly rising financial system, and added that the brand new
premises will type an integral half of Malta’s technological and revolutionary
“In 2012, round 58,783 have been registered in Malta which
starkly contrasts with the 91,600 firms registered by May 2019, that means an
enhance of 55% in a span of 6 years. In view of these outcomes, it was solely
pure for the company to search for higher accommodated premises to work from,” Schembri
stated, including that an autonomous holistic setup devoted solely to Registry of
Companies capabilities shall be more practical in offering a higher service.
Malta is striving to turn out to be a main blockchain hub. Last
yr, the Parliament approved
three cryptocurrency and blockchain payments designed to fulfill the nation’s
ambition to turn out to be the “Blockchain Island” by offering a clear and supportive
regulatory framework. Since then, a horde of startups within the house have
shown interest in settling their companies on the island.