Malta will build the world's first office based on blockchain system operations

Malta will build the world's first office based on blockchain system operations

According to the Malta Independent, the Registry of Companies, which is building a new office building in Żejtun, Malta, will be the first office in the world to operate under the blockchain system. The Companies Registry is a public registry that contains official information and documents about new and existing companies. The agency was split from the Malta Financial Services Authority (MFSA) into an independent entity at the end of last year.

According to the Maltese Independent, the new agency will operate on a blockchain-based system, and the purpose of establishing an independent agency is to strengthen the internal management structure of the registry. Silvio Schembri, Secretary General of the Maltese Financial Services, Digital Economy and Innovation Council, said: "By investing in IT, the Companies Registry will reduce unnecessary bureaucratic procedures and become more efficient. It will handle the company registry by a new system. All processes. The new system is able to provide new services that address the limitations of previous legacy systems and will make the organization the world's first office based on blockchain system operations."

Silvio Schembri said the new office building will be an important part of Malta's technology and innovation activities. Registrar Joseph Farrugia said that the new office building will strengthen the operation of the IAEA, and the IAEA will introduce a one-stop shop concept by setting up the Capital Gains office in the same building.

According to reports, the company registry will be located in Żejtun with the International Tax Department, Tech.MT Foundation, Finance Malta and Gaming Malta.