PRESS RELEASE BY THE PARLIAMENTARY SECRETARIAT FOR FINANCIAL SERVICES, DIGITAL ECONOMY AND INNOVATION: Government announces taskforce advising on the National Blockchain Strategy

Reference Number: PR172070, Press Release Issue Date: Sep 15, 2017
 
​The Parliamentary Secretariat for Financial Services, Digital Economy and Innovation within the Office of the Prime Minister has, over the past few months, consulted with various stakeholders interested in blockchain technology. 
 
After the Cabinet of Ministers approved a National Blockchain Strategy back in April, the Secretariat has spearheaded the process for this to take off through a call for proposals from the big seven financial services advisory companies.
 
The Government is now announcing a Blockchain Taskforce entrusted with reviewing the proposals made to it and to make its recommendations for a clear roadmap to be taken by the Government to implement its National Blockchain Strategy, aimed at materialising the opportunities of distributed ledger technology. The Blockchain Taskforce will be chaired by Vincent Muscat, Permanent Secretary for the Parliamentary Secretariat, assisted by members Steve Tendon (Blockchain Expert), Dr Ian Gauci (Legal Expert), Joseph Cuschieri (MGA Executive Chairman), Loui Mercieca (Blockchain Expert), Wayne Grixti (MITA Enterprise Architect), Carlo Stivala (Finance  Expert), and Mario Borg (Economist).
 
Apart from exploiting the opportunities that blockchain technology offers for added efficiency in public sector processes and services, the Government is ambitiously looking into the setting up of a new regulatory function with the primary objective of harnessing the technology with a legal operational framework, serving as a bold initiative leading to the formation of an ideal ecosystem for those willing to invest in blockchain technology.
 
The Government notes that interest from local and international private investors has been significant and it will remain open for the discussion of innovative ideas rendering this disruptive technology into a catalyst for the further growth of Malta’s digital economy.
 
The interest shown by the European Commission’s DG Connect to set up a Blockchain Observatory Forum where opinions can be generated on the potential of this disruptive technology, whilst engaging stakeholders on DLT EU standardisation, is being received positively within Malta’s ambition to govern new policy in blockchain that will not stifle innovation but create confidence in the technology.