The Prime Minister of Malta, Joseph Muscat, has announced that the island nation’s upcoming rent law reforms will require all tenancy contracts to be registered on the blockchain. According to Malta Today, Muscat stated:
“Every rent contract in Malta will be registered. The system we will be using to register the contracts is blockchain – distributed ledger technology.”
Blockchain Technology Will Make Rent Contracts Tamper-Proof
According to Muscat, this will protect the tenancy agreements from being tampered with. Muscat also hinted that the island nation of slightly under half a million people will achieve this using a permissioned blockchain:
“We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives. Such a contract cannot be tampered with and only those authorized will be able to access it.”
The rent law reforms got the cabinet’s approval following a lengthy consultation period. They are expected to be unveiled in the coming days. The reforms on rent laws coincide with revisions to construction laws. This has been made necessary by a construction boom in the tiny island state, a situation which has been marked by an increasing number of accidents and deaths on construction sites.
Launched a new legal framework which regulates demolition, excavation and construction 🏗. We insist on ensuring site safety for workers. We insist on protecting the rights of neighbouring properties. #GettingThingsDone ✔ @MaltaGov @JosephMuscat_JM @ChrisAgiusWefi pic.twitter.com/kSVlumB9VC
— Ian Borg (@followianborg) June 24, 2019
The Making of Blockchain Island
Under the leadership of Muscat, Malta has made great strides in its efforts to become a distributed ledger technology hub. In a bid to attract blockchain tech companies, Malta has also been investing in its human resources pool. This talent pool is being equipped with skills that will be required by investors.
Last month, for instance, Malta’s Parliamentary Secretariat for Digital Economy awarded the first blockchain and distributed ledger technology scholarship grants to 19 students.
While awarding the scholarship grants, Malta’s parliamentary secretary for financial services, digital economy, and innovation, Silvio Schembri, noted that the move would assist in preparing “future generations for the necessities of future industries.”
Last September, Malta launched a blockchain scholarship fund worth $342,000.
We are determined to strengthen our human resource to cater for the new emergent sector. Just launched a €300, 000 Blockchain and DLT scholarships fund via an agreement between @MITAmalta and @uniofmalta . @EvaristBartolo @tonysultana pic.twitter.com/aaQfIzVdqI
— Silvio Schembri (@SilvioSchembri) August 29, 2018
Proof of Progress
Malta’s pro-blockchain and cryptocurrency environment has borne fruits, managing to attract notable firms in the space. This includes cryptocurrency exchange Binance, which was founded in Hong Kong but had to seek a friendlier jurisdiction months after formation. Before setting its headquarters in Malta, Binance also tried Japan.
Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ
— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
Another notable crypto exchange with a significant presence in Malta is OKCoin.