The winter and second edition of the AI and Blockchain Summit kicked off Thursday in the still sunny island of Malta, and started heavy and strong with discussions on regulation around the world.
While Malta is trying to move towards regulation for these two sectors—blockchain and AI, it is still lagging behind, and needs to be more realistic. This is according to one of the panelists discussing regulatory perspectives Excoin Futures President Mru Patel. He thinks that Malta needs a friendly environment and a trustworthy blockchain regulation.
Speaking to CoinGeek, Pratel shared how Malta, with other organizations and states, is working to create a global regulatory framework standard that will benefit the industry. The recently announced Global Blockchain Organization, aims to develop this regulatory framework for blockchain that the rest of the world can follow.
Meanwhile, Parliamentary Secretary on Financial Services, Digital Economy and Innovation Hon. Silvio Schembri shared how Malta is working on a strategic approach in continuing to enrich the ecosystem thru robust legislation. He believes that substantial and long-term strategy is key to creating a solid regulatory framework for the industry.
Schembri also expressed positivity towards the letter of intent filed by 34 visual financial assets services providers to continue their operations in Malta after the transitory period ended last week. Under Virtual Financial Assets Act, the Malta Financial Service Authority has allowed these providers to operate since November 2018.
From Malta to the Middle East, the potential of blockchain in this region is undeniable. Though regulations have been an important element to improve the space, former tech lawyer, Dubai-based Irina Heaver thinks it should not stop anyone from developing and creating. Irina is the co-founder of the region’s largest exchange Emirex.