The island nation of Malta will be a meeting point of many cryptocurrency industry leaders as people flock to the country for the Malta Blockchain Summit, which begins today. Malta has a reputation for being blockchain-friendly, being a stand-out location due to its favorable regulatory conditions towards the cryptocurrency space. Despite the year-long bearish market, it seems that the number of active individuals in the space has only grown.
The Malta Blockchain Summit will be a two-day event that will bring commentators and investors to speak on the future of the cryptocurrency space. Being held at a sold-out expo, the event will also boast its own hackathon, ICO pitches, Blockchain Awards ceremony, and a ‘Crypto Cruise.’ With 5000 attendees, hundreds of investors, about 100 speakers, and 300 sponsors, the Malta Blockchain Summit is looking to be one of the most significant blockchain-related events of the year.
The event is already said to be packed with some bright minds. For example, Hanson Robotics will be present with their famous AI creation, Sophie, who will give a ‘chat.’ One of the keynote speakers will also be Scott Stornetta, considered by many to be the ‘founder’ of blockchain technology back. Stornetta published his first whitepaper in 1991 on blockchain architecture which would become the blueprint for Satoshi Nakamoto’s idea of Bitcoin. He will be giving a keynote speech at the conference.
‘The Most Important Blockchain Conference of the Year’
The beginning of the Malta Blockchain Summit is significant for another reason though: it is also the day that Malta’s Virtual FInancial Assets Act (VFA) comes into effect. This act wil regulate the registration of white papers issued by virtual currency projects. VFA will create its own service providers and agents which will specifically work with cryptocurrency projects and keep them up-to-speed and compliant. The act was put forward and will be coordinated by the Malta Financial Services Authority (MFSA).
The Malta Blockchain Summit, therefore, was meant to be held on the day the VFA act goes into effect. Not only is the Summit a place of meeting between blockchain-related industry leaders, but it also celebrates Malta as being the top destination for blockchain-minded entrepreneurs. The VFA act aims to provide for investor protection, market integrity, and financial stability. With the VFA act, concerns over money laundering and KYC procedures will finally be put to rest: Malta will be one of the first nations on Earth to have clear crypto-friendly laws that protect investors and consumers.
Malta’s government has been trying hard to make the island-nation very attractive to blockchain-based developers. This effort was boosted by Binance’s recent move to Malta where they will be hosting their future decentralized exchange, along with fiat deposits. Eman Pulis, the organizer of the Summit, elaborated on why they chose Malta in an interview with Forces magazine:
Malta has put in the hard work to earn its title as the Blockchain Island. The legislative action which passed through parliament this summer has instigated a sense of security and stability, qualities which have lured some of the biggest companies in the industry to Malta… The relocation of foreign companies is also a boon to other industries in Malta, such as the hospitality sector, particularly when it comes to avenues focusing on entertainment, leisure and real estate.”
When it comes to blockchain’s disruptive quality, Pulis remained optimistic across industries, but he sees the first big fish for blockchain to be in gaming. There has always been the problem of fraud in the virtual goods market: blockchain can resolve the current faults with buying, selling, and storing in-game assets, he said.
There are only going to be a few blockchain hubs in the world, and Malta is positioning itself as the ‘Silicon Valley’ of the cryptocurrency world. Malta, right now, is making itself the top destination for new ideas by using its vibrant economy to its advantage. Given that the United States is dragging their feet on cryptocurrency regulations, and China remains openly hostile to its innovative qualities, Malta seems well-poised to be the Mediterranean Mecca for the cryptocurrency space.