The government has downsized Malta’s status as the Blockchain Island to that of a Blockchain Garage.
Since the name was launched two years ago, blockchain companies and cryptocurrency exchanges have struggled to set up on the island, while others have faced financial difficulties and left. The MFSA has also failed to approve a single licence for a blockchain company.
Speaking at the launch of the underground garage in Zabbar, Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri said the downsizing was not a cause for concern.
“We had come up with the name ‘Blockchain Island’ because it sounded cool and Joseph really liked it. But in hindsight it was a bit too ambitious. It made it sound like we were this super modern and progressive country where all state institutions ran smoothly and were highly efficient. Obviously, that isn’t the case.
“Having said that, I’d like to reassure the crypto community that we’re still welcoming dodgy chancers from all over the world to come and set up here, even if it is for less than a year. It’s just that now everything related to blockchain – whether that’s legislation or the companies themselves – will be based out of this quirky, state-of-the-art workspace in an up-and-coming area of Malta.
Schembri added that the garage complex was home to a wide variety of creative industries, including a teenage punk band, a weed farm and an illegal abattoir.
Asked whether any companies had expressed an interest in moving into the blockchain garage, the parliamentary secretary said there had been no applications as yet.
“I’ve seen a few cockroaches scuttling around the place so maybe they’re going to form a start-up,” he said.
