Malta is positioning itself as a leading European hub for innovation and openness to technology. Its reputation stems from a number of business-friendly regulations put in place to attract investment and spur economic activity in the Mediterranean island.
Malta was once a British colony — gaining independence in 1964. The island nowadays leverages its language and cultural heritage to support business and trade — alongside a prominent set of regulations which bring value to the national economic activity.
“Innovation is the key for future economies. Additionally, for a long time, crafts and trade were sidelined but innovation plays a role here too to revitalise them. The global economy is becoming more innovative and it is the responsibility of our country to be at the forefront of that innovation,” MEP Miriam Dalli recently said, outlining the country’s commitment to taking its ‘economy to the next level’.
Clear evidence of this prosperity is Malta topping the European Commission economic growth list for 2019 and 2020, after the Maltese economy presented growth of 6.6 per cent last year.
The innovative mindset is reflected in diverse sectors, from personal healthcare to financial technology. Malta has been the European gateway for many policies, including the legalisation of cannabis and embracing crypto and gaming projects.
Stefania Barbaglio, blockchain consultant and technology PR says: “Malta has become a role model in Europe, highlighting the role of positive legislation to boost economy and business activity. Outdated regulations and closed attitudes towards innovation can lead to elite nations — such as the UK and the US — losing their spot in the international investment scene. It is important that new regulations are centered around innovation and the social value of technology, so that the digital economies can flourish and develop.”
Malta AI & Blockchain Conference
The Malta AI and Blockchain Conference Spring Edition is approaching, giving stage to over 300 exhibitors and welcoming over more than 5,000 guests. Among the list of speakers, there is prime minister of malta Joseph Muscat and parliamentary secretary for financial services Silvio Schembri.
Last November, three innovative bills were launched during the event. In this 2019 edition, the Maltese Government will enact a world first: a fourth bill, giving a D.A.O. its own legal personality. In addition, a task force is also working around the clock on a set of incentives that will support businesses in Artificial Intelligence.
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