The Malta Independent 25 May 2024, Saturday
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Malta welcomes the Poseidon Foundation to further expand its blockchain community

Wednesday, 25 April 2018, 15:14 Last update: about 7 years ago

Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri has announced that a further blockchain organisation, the Poseidon Foundation, has domiciled in Malta.

"Poseidon is a non-profit organisation that uses blockchain technology to empower governments, companies, and individuals to address their carbon footprint with a breakthrough approach that seamlessly integrates climate change impacts into everyday financial transactions. This follows the largest cryptocurrency exchange, Binance, announcing its intention to move to Malta last month, as well as another major exchange, OKEx, and blockchain-fundraising platform, Neufund."


"Malta aims to be the global trailblazer in the regulation of blockchain-based businesses and the jurisdiction of quality and choice for world class fintech companies. To this end, Malta is setting up a digital innovation authority, called the Malta Digital Technology (Arrangements and Services) Authority, and setting out a legal framework for initial coin offerings (ICOs) that supports innovation and new technologies for financial services whilst ensuring effective investor protection, financial market integrity and financial stability," a government statement read.                                                      

Part of the Authority's remit is to promote government policies that favour the development of Malta as a digital technology hub, including the adoption of this technology in the public sector to drive the recognition of Malta as a blockchain leader. "In addition to welcoming Poseidon to its shores, the Maltese government will also be scoping out a pilot programme on the Poseidon platform to support its climate and economic development goals."

Parliamentary Secretary Schembri said that, "the Maltese government is a global forerunner in regulating the operation of companies that work with digital technologies such as blockchain. We are thrilled to be working with Poseidon whose values firmly align with our own to truly address climate change meaningfully, through supporting projects that protect our planet."

Laszlo Giricz, founder of Poseidon, said that "We are very excited to be part of Malta's growing blockchain community and commend the government on the regulatory framework they have established. We are delighted that the Maltese government is exploring the possibilities to work with us to pilot the Poseidon platform, one of a number of pilots we are undertaking to demonstrate the tangible application of our technology, the demand for our tokens, and the difference this can make in protecting our vital ecosystems and tackling climate change."

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