Revision of the Malta Republic Rental Act Makes It Mandatory for All Lease Contracts to Register Blockchain

The Maltha Republic, a small Mediterranean island, was required to register all real estate transactions on blockchain, in accordance with the revision of the Rental Act.

According to a report by local media Malta Today, Prime Minister Joseph Muscat told a radio interview program on June 23rd that the Cabinet approved a revision to the lease law, which states all real estate lease contracts in Malta should be registered on blockchain.

According to Muscat, the safety of the contract can be secured by a registration system using distributed ledger technology, since only the approved person has the right to access. This simultaneously prevents modification of the contract. In addition, this could prevent a situation where a contract does not exist.

By applying blockchain technology to people’s daily lives, such laws present people with an added value of blockchain technology. This contract is unmodifiable and accessible only to authorized personnel. It seems clear how people's lives will be affected by digitalization, and the government is reportedly set to announce details of the rental revision law soon.

Meanwhile, the Malta Republic, a mini-country with a population of about 430,000 located south of Italy's Sicily Islands, passed a bill to establish a regulatory framework on blockchain technology in July 2018 through a nationwide policy of fostering and attracting cryptocurrency businesses.

Malta is currently the first country in the world to provide legal certainty in the cryptocurrency space. In fact, major virtual currency exchanges such as OKEx and Bittrex are moving to Marta.

Malta is also popular place, as it is one of the EU members with low tax avoidance. Hence, Malta seems to have an advantage in the global business.

Reporter Jenny Lee (news@dailycoinews.com)의 기사 더 보기

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