Malta's prime minister is doubling down on the booming blockchain industry in a bid to diversify the European Union's smallest economy - and to even fight corruption, the Sydney Morning Herald reports.

"We're taking a calculated risk," Prime Minister Joseph Muscat said, by cutting "layers of bureaucracy" and offering fast-track approvals for digital players to set up shop on the island.

The full report, which was also picked up by other international media, may be found here