Back in 2018, Malta thrust itself into the blockchain limelight by introducing sweeping blockchain regulations – and dubbing itself as the blockchain island. On the blockchain island, rent price is spiraling out of control and numerous landlords are renting out torrid apartments – leaving people living in not much more than a pigsty. In a bid to curb this king of the slum attitude and help control rent prices, Joseph Muscat – Malta’s Prime Minister – has announced that all rent contracts will need to be registered on a blockchain.
Rent Reform Laws Coming into Place
Rent control has long been on the lips of many Maltese residents, and while renters might not be getting it, they’re getting a close second. This new blockchain system will allow the government to keep an eye on landlords and their practices – especially when it comes to finding new tenants. A lot of races are being discriminated against by landlords, and more often than not it’s often the Maltese renters that are told that they’re not welcome. By using blockchain technology, the Maltese government is hoping to stamp out this slumlord mentality and bring back fairness to the rental housing market.
Revitalizing the Blockchain Island
Malta’s future as the blockchain island looked to be in serious trouble, with very few companies actually making use of the regulations. Price has been a huge barrier to entry into the Maltese market, with the price of submitting a whitepaper doubling in the last year alone. However, this new government initiative is proving that Malta might actually have what it takes to become the true blockchain island. There are still numerous scams operating from the island and the government seems to be ignoring the issue. Once the government works on stamping these little problems out, Malta will flourish as the blockchain island.
Going Big on Blockchain
Malta’s love for blockchain technology doesn’t end with a few regulations and a new rent initiative. The University of Malta has created a blockchain scholarship fund, meaning any students wishing to study in this field can apply for funding. This is rather momentous for the island, as educating the next generation is vital in ensuring longevity of economic stimulus plans like blockchain regulations.
Starting from the end of June, rental contracts will be placed on the blockchain. Hefty fines will be levied against landlords who don’t comply with the new regulations, but given the size of Malta it wouldn’t come as a surprise is certain landlords with friends in high places can avoid the fines and blockchain system.
