The Malta Independent 3 March 2024, Sunday
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First Maltese blockchain app and the use of crypto currencies in iGaming

Thursday, 28 September 2017, 18:19 Last update: about 7 years ago

Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri announced that the government is working to create a sandbox that allows for the use of crypto currency in the iGaming industry.

At the launch of a blockchain application intended for the property market and developed by a private company, Ledger Projects, Parliamentary Secretary Silvio Schembri explained that the plan is to allow the use of cryptocurrencies in iGaming, where a player will be able to transact in digital currency in and out of gaming platforms.

"These initiatives show that Malta is indeed gaining momentum and moving fast in the adoption of blockchain technology," said Schembri while adding that this work will enable to harness the market with the right regulation. Parliamentary Secretary Silvio Schembri reiterated government's intention in making use of blockchain technology so that services provided by the public sector will be more efficient.

This blockchain app, named LP01, was launched by Ledger Projects, a company incorporated in Malta with Maltese shareholders focused on developing blockchain and distributed ledger technology for state and private use. This blockchain app eliminates the possibility of having multiple promises of sale documents on the same property therefore it will facilitate the works carried out by notaries. It caters both for the acquisition and sale of property. A solution that helps the Government to have concrete information on the market whilst increasing efficiency and transparency particularly on the tax paid when transferring property.

The CEO of Ledger Projects David Schranz and entrepreneur Anthony Mamo said that the introduction of new technology such as blockchain help Malta to become a centre of excellence. The app is tried and tested thus it can be implemented it in other sectors such as blockchain.

This is the first product by Ledger Projects. A product produced by a diversified team that enjoy contributing to innovation.

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