Malta believes the island can become a haven for cryptocurrencies like Bitcoin -- the most well-known application of ledger technologies -- but it also believes blockchain can help transform the country's transportation and education systems.
On July 4, the Maltese parliament passed three bills to set a regulatory framework and drive innovation in blockchain-like technologies. The government hopes these laws will attract foreign financial tech companies to establish themselves in the country.
The legislative win made Malta "the first world jurisdiction to provide legal certainty to this space," the Maltese junior minister for financial services, digital economy and innovation, Silvio Schrembi, said in a tweet.
Analysts say the move shows Malta's trailblazing approach to blockchain.
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