In a bid to ensure security and curb the activities of rogue actors, the Prime Minister of Mala, Joseph Muscat has announced that all rental contracts for property drafted in the country must be stored on a blockchain, according to a report by local news source MaltaToday on June 23, 2019.
Malta Gets Serious with DLT
Per sources close to the matter, henceforth, all rental contracts for property signed in Malta must be stored on a distributed ledger, to make it secure and unmodifiable by unauthorized entities.
Speaking during an interview with One Radio, a local radio station owned by the media arm of Malta’s Labour Party, Muscat made it clear that the country’s recently approved and reformed rent laws that will be announced before the end of June, will require all rent contracts in Malta to be duly registered on a distributed ledger.
The Prime Minister also reiterated that by storing these sensitive records on a blockchain, only authorized parties would be able to access to the rent contracts.
In his words:
“We will now start showing the masses the added value of blockchain technology by applying it to something they would use in their daily lives. Such a contract cannot be tampered with and only authorized parties will have access to it.”
Championing the Blockchain Movement
Though the European continent as a whole is yet to formulate amenable rules to govern the region’s crypto and DLT industry, it’s worth noting that Malta has already put in place an ecosystem for Bitcoin-linked businesses to thrive.
In November 2018, the Muscat-led administration implemented the Virtual Financial Assets Act (VFAA) and the Innovative Technology Arrangement and Services (ITAS) Act to curb initial coin offering (ICO) fraud, money laundering, and other illicit acts facilitated by the technology.
The Maltese cryptocurrency and DLT regulations have since proven to be a forward-thinking manoeuver, as a vast array of blockchain-based startups including Bitcoin trading venues like Binance have made a base in the region.