During a segment aired by “60 Minutes” on Sunday, journalists concentrated their time on Malta, smallest member of the European Union and leading hub for the world’s fastest moving tech sectors: artificial intelligence, blockchain, and cryptocurrencies.
Nicked named “Blockchain Island”, Malta has manage to establish itself as the number one place for any blockchain startup as well as cryptocurrency exchange such as BitBay, Binance and OKEx. Their success on become one of the hottest spots for blockchain entrepreneurs can be attributed to the governments clearly mapped out regulatory framework where others have been less clear or outright dubious.
Welcome to #Malta 🇲🇹 @binance. We aim to be the global trailblazers in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies -JM @SilvioSchembri https://t.co/3qtAQjOpuQ— Joseph Muscat (@JosephMuscat_JM) March 23, 2018
Although during the segment done by “60 Minutes”, journalist have stated that Malta’s appeal as a safe haven for entrepreneurs is marred by allegation of corruption and dirty reputation for housing money launderers.
“Europeans flock here for a budget tan. Oligarchs, to dock their superyachts. Malta’s already an established hub of online gambling. But since taking over in 2013, the current government has sought to refashion the country as a mecca for emerging and complex technologies like cryptocurrency and blockchain. The 44-year-old prime minister, Joseph Muscat, is the high priest of this new gospel.”
“A mere blip in the Mediterranean, Malta prides itself on this surge and its plucky personality, but as we discovered on a recent visit, there’s a fine line between the cutting edge and the margins, the sun and the shadows. Along with old charms and new construction, Malta is earning a reputation for rampant corruption and dubious dealings. And then there’s the matter of an assassination of a journalist: Daphne Caruana Galizia.”
Malta is trying to establish itself as a hub for just about every voguish growth-sector—crypto, blockchain, AI, you name it. But it’s also earning an unsavory reputation amidst allegations of rampant corruption. https://t.co/U55SoIu7nI pic.twitter.com/Fx1lkffAdD— 60 Minutes (@60Minutes) December 23, 2018
Incapable of reestablishing their reputation into something more positive, the report concludes that Malta continuous to harbor shady individuals instead of respectable technological wizards and business leaders on the verge of launching revolutionary ideas and upcoming technologies.
“Perhaps in that same entrepreneurial spirit, the government has launched a program, some call it a scheme, to sell passports to the world’s super rich.”
For the complete segment done by “60 Minutes” click the link here.
Malta has become a bastion of championing blockchain and crypto over the last couple of years. Even so, with such a muddy reputation due to past dealings, it’s no wonder why the small nation is placed under such intense scrutiny and continues to attract all of the wrong sort of people.
Can Malta change its reputation over time?
Let us know your thoughts.