CoinDesk has announced Malta as the leader in crypto regulation. The island nation in the Mediterranean Sea has become the poster child of the groundbreaking technology. While China and others are hostile to the technology, Malta is willing to go the extra mile to support it. The tiny nation comes top ahead of Japan, Switzerland, the US, South Korea, Singapore and the UK.
Blockchain-powered university
The parliament of Malta recently established the first regulatory framework for the distributed ledger technology (DLT). This became the first instance where blockchain gained official recognition. CoinDesk recognizes that the country is keen on enabling the technology to thrive.
Hot on the heels of the parliament’s legislation, the first blockchain-powered university is about to go live in Malta. A Medium report suggests a lot of enthusiasm as academics from the world’s Ivy League universities have shown interest. The academics want to be part of a historic moment in the history of technology.
Efficiency and automation
Dubbed Woolf University, the institution will run on blockchain technology for all its operations. The framework promises to ensure the security of the student’s degrees. In addition, smart contracts will help validate class attendance. More interestingly, the series of smart contracts will confirm assignment submission and teachers “check-in”. Teachers will receive their compensation in tokens.
Behind the novel idea is Joshua Broggi, an Oxford research fellow. Students will also access micro-credits through the blockchain platform.
Mr. Broggi told Forbes Magazine that blockchain creates “efficiencies by managing custodianship of student tuition.” Blockchain will also expedite daily operations through automation while cutting down on technical staff.
“Our blockchain-enforced accreditation processes are such that teachers and students from outside the EU can join our platform and earn a full EU degree – a non-EU student with a non-EU teacher in a non-EU language,” Broggi told Forbes.
Legal certainity
Malta has brought a semblance of legal certainty in an environment that players are literally walking blind in the legal sense.
Kenneth Farrugia, chairman of FinanceMalta, believes that the important milestone for Malta is a product of strategy. He notes Malta’s ability to jump at the opportunities of blockchain and observes the recognition is simply an endorsement of hard work.
