04/10/2018
DELTA Summit in Malta: New Epoch of Technologies Endorsement
Volodymyr Vorobiov, managing partner of Quantum Attorneys, is attending Delta Summit in Malta taking place on October 3-5, 2018. DELTA is official summit for the global blockchain and crypto community bringing together all the stakeholders, in particular, innovative businesses, investors, and media. Major blockchain companies are present, including Binance, OKEx, ABCC Exchange.
Three legal acts (these being the Malta Digital Innovation Authority Act, the Innovative Technology Arrangements and Services Act, and the Virtual Financial Assets Act) came into force on October 1, and the summit is dedicated to practical issues of application and implementation thereof. They establish legal basis for government authorization of providers dealing with distributed ledger technologies and virtual assets offerings.

According to Joseph Muscat, Maltese Prime Minister, Malta is creating an ideally equal system for companies, start-ups and investors to undertake common efforts in developing blockchain industry. Delta Summit is going to be constant platform for developing innovations and sharing ideas.

Despite performing function on community integration, Delta Summit shall also serve as a venue for launching the Malta Digital Innovation Authority (MDIA) – a regulator responsible for overseeing the distributed ledger technologies and virtual assets sector in Malta. In particular, MDIA is entrusted with the duty of certifying DLT platforms and DLT services providers. It shall deal with certified surveyors verifying information regarding such platforms and service providers.

The summit attendees have a unique opportunity to schedule an appointment with the regulator in course of the event. The representatives of the authority shall meet for the first time at DELTA with license seekers. The companies concerned may even prepare a brief snapshot of the project because MDIA is intended to advise on the regulatory process and start the review of potential applications (as each project is to be assessed on case-by-case basis).

Besides, all the relevant Maltese regulators are present at the summit, namely, Malta Financial Services Authority, Malta Communications Authority, Malta Information Technology Agency, Malta Gaming Authority, and the delegates may consult them on the issues within their sphere of competence.

Delta Summit is expected to be not the unique event in Malta's race for digital innovations. According to Abdalla Kablan, leading academic of the University of Malta, the authorities have a vision to move towards regulating Artificial Intelligence and Internet of Things. Thus, new venues are upcoming, and new regulatory introductions are anticipated.
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