Malta PM: All rent contracts in Malta will be registered on the blockchain
|- The cabinet approved the reformed rent laws following a lengthy consultation period.
- Malta has become the hub of blockchain experimentation mainly because of its tolerant regulatory environment.
Joseph Muscat, the Prime Minister of Malta, announced during an interview on Radio One that all the rent contracts in Malta will be registered on the blockchain. The PM also revealed that the cabinet approved the reformed rent laws after an intensive consultation period. Muscat identified the security and immutability of the blockchain as the primary factors behind this monumental decision. The full details of the rent reform will be disclosed in the coming days.
Muscat said:
“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. This shows how the digital transformation will affect their lives.”
This is the latest positive step taken by Malta, which is fondly known as the “blockchain island.” Back in July 2018, they released a relaxed regulatory framework favorable to distributed ledger technologies. This combined with an educated workforce and E.U. membership has made Malta a hub of blockchain experimentation.
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