A new approach towards Rent
As part of the well-needed rent reform, Prime Minister Joseph Muscat announced that upon the coming into force of the reform, all rental agreements are to be registered on Blockchain. This will ensure that rental agreements are safeguarded within a secure environment, for the benefit of both the lessor and the lessee. Subsequently, this will also prevent any false records from being registered.
Establishing itself as the Blockchain Island
By utilising Blockchain technology for everyday use, the Maltese Government is once again seeking innovative ways in which the latest technologies can be used and developed to meet the needs of daily life. By embracing, supporting and investing in such emerging sectors, the Maltese government is truly proving itself to be a pro-business jurisdiction.
This act of embracing blockchain within the property sector is part of a long line of initiatives and efforts made by the Maltese government to establish itself as the Blockchain Island. Its most significant effort, in fact, was that it was the first jurisdiction to regulate blockchain technology. The Government has also proposed using these technologies to run certain government agencies as well as the Malta Registry of Companies.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.