All property rental contracts in Malta are now required to be registered on a blockchain for security considerations, as reported by the local news outlet Malta Today on June 23.
As per new regulations in Malta, which will be announced over the coming days, rent contracts will be required to register on a blockchain in order to protect them from tampering and ensure authorized access. Joseph Muscat, Malta’s Prime Minister stated:
“We will now be showing people the added value of this technology through applying it to something which they will use in their daily lives. Such a contract cannot be tampered with and only those authorised will be able to access it. This shows how the digital transformation will affect their lives.”
Malta is often pronounced as a “blockchain island,” with all its effort of establishing itself as a blockchain and digital currency-friendly country. The Malta Financial Services Authority issued a consultation on cybersecurity in February, suggesting the agencies involved in cybersecurity system should comply with international standards, including guidelines by the European Banking Authority.
Blockchain technology has been gaining traction in recent month in terms of being integrated into real estate-related processes. Earlier in June, the Dubai Land Department and telecoms firm Etisalat signed a memorandum of understanding concerning real estate blockchain tech. The memorandum is aimed at implementing smart government standards and introduce paperless management, including digital contracts for property transactions.
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