/Malta to Register Rent Contracts on Blockchain

Malta to Register Rent Contracts on Blockchain

Malta to Register Rent Contracts on Blockchain

In a move that will deeply ingrain blockchain in every citizen’s life, Prime Minister of Malta, Joseph Muscat, announced last Sunday during an interview that every rental contract in Malta will have to be registered on a decentralized ledger.

The Prime Minister revealed that the cabinet approved these reforms in the rental laws after a lengthy consultation and discussion period.

He stated the benefits of the project would include enhancement of security and safety against record tampering while ensuring that only authorized persons can access the records. In particular, storing data on the distributed ledger means there is no possibility of creating fake contracts of places without any public record.

He added:

“We will now be showing people the added value of this technology by applying it to something which they will use in their daily lives. This shows how the digital transformation will affect their lives.”

Malta, dubbed “blockchain island” courtesy its highly favorable policies towards crypto, was one of the first countries to adopt crypto and blockchain back in July 2018, when the government agreed upon a relaxed regulatory framework to encourage the implementation of distributed ledger technologies. Since then, financial instruments, electronic money, financial instruments, and virtual financial assets have been granted legal legitimacy.

In addition to the tolerant regulatory environment, EU membership and an educated workforce have assisted Malta to become a booming hub for blockchain activities.

The PM added that the full details of the rental reforms would be revealed in the coming days.

 

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