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Among Blockchain-Friendly Jurisdictions, Malta Stands Out

Among Blockchain-Friendly Jurisdictions, Malta Stands Out

Among the handful of blockchain-friendly jurisdictions around the globe, Malta stands out with perhaps the most forward-thinking regulatory agenda. In a testament to its success, the European island state has attracted a couple dozen blockchain businesses, such as the crypto exchange Binance and our company, the equity fundraising platform Neufund. Malta is writing laws for tomorrow’s economy rather than trying to impose yesterday’s rules upon it.. Malta created a legal framework earlier this year which defines DAOs (Decentralized Autonomous Organizations) as a new type of legal entity called “Technology Arrangements.”

Rights for robots

Beyond the crypto community, the law has some staggering implications for society: A scenario in which autonomous robots can potentially operate as legal personas. Consider this: A DAO can do the same things a corporation can, but instead of shareholder resolutions or management actions, the decisions are made and executed by artificial intelligence and smart contracts.

Suddenly, we would have a world where humans and software are both legal entities.

The moment the law was be enacted in June, a Maltese DAO could legally acquire land in all other 27 EU member states.

Meaning, for example, that Germany or France cannot forbid robots, AI, or software to grab some prime real estate or close any other business deal. Additionally, the Union cannot just wipe out legal personas from its member states.

A model for the EU

Stepping back, the European Union does not currently have a specific legal framework governing blockchain-related activities, but European regulators are inclined to get an EU-wide regulation out.

Malta’s sandbox serves as an example for these regulators in Europe and the rest of the world. The result of this adventure will most likely influence the decisions of EU lawmakers.

This raises an interesting question, however: Would Malta retain its status as the “blockchain island” once Brussels has adopted similar policies?

Definitely, we think. Beyond the law, the country is working on creating an entire blockchain ecosystem. This includes new programs and departments at universities, as well as co-working spaces aimed at blockchain companies.

The country is also thinking about reforming the banking sector to push for more crypto friendly banks for founders. Those moves cannot be easily copied by other regulators since such an ecosystem grows naturally and is more sustainable.

Among Blockchain-Friendly Jurisdictions, Malta Stands Out, CoinDesk, Jul 05

Источник: FxTeam Source: obzor-finance-pressa

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