Finance Minister Edward Scicluna addressing the DELTA Summit

Malta’s Finance Minister Edward Scicluna has brazenly warned that cryptocurrencies will kill off some financial intermediaries “in the not too distant future”.

“This is a disruptive technology,” Scicluna said in an interview with crypto news website Cointelegraph. “I can see this, just like in photography when you could tell that […] those who process the photos [are] going to lost their jobs, a lot of financial intermediaries will be facing the chop in the not too distant future.”

Scicluna, who was speaking on the fringes of the DELTA summit, said he learned a lot about cryptocurrency from his son, who had bought and traded Bitcoin in its “early years.”

“I think [intermediaries] have to listen and be attentive; I think that’s what the banks are doing now,” he said.

Prime Minister Joseph Muscat addressing a political activity today

In a speech today, Prime Minister Joseph Muscat said Malta’s move to regulate companies which operate on blockchain and DLT technology will eventually create a more resilient industry than gaming and financial services.

“Not a single one of these blockchain companies who are coming to Malta have asked us about our taxation system,” Muscat said. “This will probably be Malta’s first ever industry whose interest in setting up shop here will not be due to our fiscal policy but due to our global innovation.”

For the third time in recent weeks, the Prime Minister reiterated his pledge to turn Malta into a global centre for innovations in Artificial Intelligence (AI) by using the same model used to attract crypto companies.

“The global discussion on AI is currently centred on how these learning machines should be regulated,” he said. “Why can’t Malta become one of the first countries in the world with a regulatory structure that will allow inventors from around the world to register their inventions here and have them regulated here? In a few weeks time, we will announce our first steps in this regard.

“This may all sound fantastical for now but it is a reality that will create more job opportunities for our children and make Malta renowned internationally as a country that gets things done.”

What do you make of these plans for Malta’s future?

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Tim Diacono

Tim is interested in the rapid evolution of human society and is passionate about justice, human rights and cutting-edge political debates. You can follow him on Instagram or Twitter/X at @timdiacono or reach out to him at [email protected]