Malta, the 'Blockchain Island': First Country to Establish a Full Regulatory Framework for Distributed Ledger Technology

On Wednesday (4 July 2018), the Parliament of Malta, an island nation that is part of the European Union, unanimously approved three bills that regulate Distributed Ledger Technology (DLT), making Malta the first country to provide legal certainty in this space.

The three bills passed by "The House" on Wednesday evening, just before summer recess, are the Innovative Technology Arrangements and Services Bill (Bill No. 43), Virtual Financial Assets Bill (bill No. 44), and the Malta Digital Innovation Authority Bill (Bill No. 45). 

This is how Joseph Muscat, Malta's Prime Minister, announced the news on Twitter:

The man he refers to in this tweet, Hon. Silvio Schembri, is the Junior Minister (or Parliamentary Secretary) for Financial Services, Digital Economy and Innovation.

Before these bills were approved, several crypto exchanges, including Binance, BitBay, and OKEx, had announced their intention to move their base of operations to Malta.

Silvio Schembri said in a press release:

"This marks an important milestone through which companies will be provided with the necessary tools to operate in a regulated environment. This will put minds at rest for investors and whoever uses this new technology that is likely to change the world. I am optimistic that further companies will choose Malta to operate from with a system that offers stability and that will eventually result in further economic growth."

Jean-Ph Chetcuti, the co-founder and managing partner at Chetcuti Cauchi, a Maltese law firm, said in an interview:

"We now have a comprehensive framework for the blockchain industry to grow and flourish in Malta. This is a momentous milestone for Malta as a forward-looking economy, truly confirming Malta as the 'Blockchain Island'. We now have ample legal certainty for existing and new DLT projects. The larger crypto operators we have been speaking to in the last months are more comfortable committing to further investment and they are setting up in Malta."


Featured Image Credit: Photo by "Giuseppe Milo" via Flickr; licensed under "CC BY 2.0"

The Big Bang Theory’s Jim Parsons Explains Blockchain and Crypto on the Simpsons

Siamak Masnavi

The most recent episode (titled "Frinkcoin") of the American animated sitcom "The Simpsons" explained how blockchain and cryptocurrencies work.

Episode 13, Season 31 of The Simpsons, which aired on February 22, featured (as a guest star) Jim Parsons, who plays theoretical physicist Sheldon Cooper on the American sitcom "The Big Bang Theory".

In this episode, Professor Frink decides to explain to Lisa Simpson how blockchain and cryptocurrencies work by engaging the help of Parsons.

Here is what Parsons said:

"People think I'm a nerd but I'm actually super cool. That's why I'm here to talk about the really cool subject of distributed consensus-based cryptocurrency...

"For cryptocurrency to work, we need a record of every transaction that occurs. These are recorded in what's called a distributed ledger."

Then an animated character, which looked like a book and was meant to represent the blockchain, introduced itself via a song-and-dance routine:

"I'm the consensus of shared and synchronized digital data spread across portable platforms from Shanghai to Grenada.

"Each day, I'm getting closer to being cash of the future. Not in your wallet, I'm in your computer."

Parsons then added:

"When you use the currency, the transaction is recorded in the ledger. And when one ledger book gets filled up, we add to a chain of previous books. That's the blockchain..."

Parsons finished his presentation with a piece of text that contained "everything else you need to know". 

Featured Image by "xresch" via